Ethereum’s native token, Ether (ETH) has lost almost half its value two months after Eric Trump, son of US President Donald Trump, told his 5.7 million followers that it was a “great time” to add the biggest altcoin to their portfolios.
Source: X/Eric Trump
President Trump spoils son’s bullish ETH outlook
As of March 31, Ether was trading for as low as $1,820, down approximately 40% since Eric Trump’s bullish tweet.
ETH/USD daily price chart. Source: TradingView
Meanwhile, Ether’s crypto market share has plunged from 10.28% at the time of Eric Trump’s X post to 8.39% as of March 31, the lowest since 2020.
Ethereum Dominance Index daily chart. Source: TradingView
A series of market headwinds blindsided traders following Eric Trump’s comment.
For instance, on Feb. 21, Bybit, a prominent cryptocurrency exchange, suffered a major security breach in which it lost approximately $1.5