The total value of all cryptocurrencies in circulation just fell to $2.3 trillion, which is the lowest level since 2024, and practically every coin and token has been swept up in the latest sell-off. Ether (ETH 0.75%), which is the native cryptocurrency in the Ethereum network, is down by a whopping 57% from its 2025 peak as I write this.

Ethereum is the world’s leading platform for creating decentralized applications, which are popular in areas like financial services and gaming. Every time someone uses an Ethereum-based app, they incur a fee payable in Ether, which creates demand for the cryptocurrency. That…