Tuesday was the second day in a row that the coin fell below $30,000.
The market cap of the largest coin fell more than 4% to $29,408. There was a 4% gain in the previous session.
From an all-time high of $68,988 in November, the value of the digital currency has fallen more than half. After the Terra collapse, the digital token lost eight weeks in a row.
Fears of rising rates, surging inflation and the risk of a slower economy have caused the stock market to have a rough year. The S&P 500 has fallen more than 15% in the next four years, while the tech-laden Nasdaq has fallen 23%.
According to a recent note, the emergence of ETH as a store of value rival could weaken the dominance of BTC.
Some on Wall Street think there will be a rebound in the virtual currency. After the recent washout, Panigirtzoglou said he sees about 30% upside for the virtual currency.
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