Ethereum Price Falls 4% as Chip Rout Hits Crypto Market

The Ethereum price fell by 4% to $1,850 on Friday after a downturn in Asian semiconductor shares impacted the entire cryptocurrency market. Bitcoin held up relatively well, dropping just 2% to around $63,400. HYPE, on the other hand, was hit hardest, plummeting 10% to $60.

Despite the decline, Ethereum still managed to outperform its peers over a seven-session period, with a gain of 4%. The asset's market capitalization remains near $222 billion, and its circulating supply is around 120 million ETH. Total cryptocurrency market capitalization shed 1.86% to $2.16 trillion.

The recent strength in Ethereum can be attributed to the introduction of U.S. spot ether ETFs, which took in nearly $97 million over the first three trading days of this week. This influx of funds has provided a significant boost to the asset's price and market capitalization.