Cryptocurrency market sentiment continues to be sluggish, and Ethereum and other tokens have fallen sharply

Ethereum and many higher-profile tokens such as Solana and Dogecoin remain under pressure as investors turn to other markets, with the sector still depressed after the largest hack ever last week.

Ethereum, the second-largest cryptocurrency by market value after Bitcoin, has fallen more than 10% in the past two days and continued its decline during Tuesday's Asian trading session. Solana has fallen about 15% in the past two days and Dogecoin has fallen about 13%.

"Crypto sentiment is weak and has been for eight weeks," said Jeff Dorman, chief investment officer at Arca. "Equities, fixed income and gold have all completely shaken off their previous weakness. Only cryptocurrencies are going down. This is largely due to low sentiment, the failure of various memecoins and a lack of funds to support the issuance of new tokens."

According to digital asset management company Arca, most tokens have lost 30% to 80% of their value since mid-December, with a few exceptions.

Solana has lost about $50 billion in market value over the past month, partly due to a recent scandal involving Argentine President Javier Milley, and a meme coin called Libra has fallen the most. Solana is also under pressure, according to data from research firm Messari, with about $1.72 billion of the token set to be "unlocked" or have trading restrictions lifted on March 1.

As of 11:01 Beijing time on Tuesday, Bitcoin fell 1.7% to around $92,421.