Ethereum Price Hits One Year Low: Did Altcoins Dip Before Bitcoin?

Ethereum fell 15% throughout Wednesday on its way to a coin price not seen since mid-September 2017. Ethereum hit new lows all throughout 2018 and now the trend continues, blowing away any hope that ETH – and the market in general – was home free.

Normally during such a dip we see Bitcoin plunging first before the horde of altcoins follow suit. But today the dip appears to have been led by the altcoins, with the major players like Ethereum, Bitcoin Cash and EOS selling off five minutes before Bitcoin.

Ethereum Price Reverts to September 2017

In August when Ethereum dipped down to the $250 range we could only point to nine or ten month lows. But with today’s dip the year has finally come full circle, as ETH reverts to the $240 range not seen since September of the last calendar year.

From a daily high of $289.08, ETH fell all the way to $244.33 over the course of the day, with the majority of the plunge coming within a six-hour window. A levelling off has since taken place which has seen the coin come up for air at the $245 range, where it has stayed for the last two hours at time of writing.

The majority of trades have come against Tether (USDT) today, with Bitcoin coming in at a fairly distant second. Overall Bitcoin dominance hit 55% for the first time since December 2017 today, but as far as Ethereum is concerned, the temporary salvation that is Tether appears to be the trade of choice.

The day’s price movement means Ethereum is now down close to 40% in the last month. Despite Bitcoin’s 5% losses for Wednesday 5th, BTC is still showing overall gains for the last thirty days, on roughly 7%. The gap between Bitcoin and the altcoins seems to be growing larger.

Altcoins Led the Dip

A closer examination of the major coins in the moments prior to the dip occurring reveals that it was actually the altcoins that led the way. Taking a sample of coins from the top ten, Bitcoin Cash, EOS and Ethereum all started to be sold off at 10:44 UTC this morning.

Compare that to the time of the Bitcoin dip – 10:54 UTC – and we see a clear ten minute gap. For the sake of objectivity, when picking another three altcoins at random from the top ten, we see that Litecoin, Monero and XRP all started to dump at the earlier time of 10:44 UTC.

Whether this means anything or not might make itself clear in the months to come, as we await either another altcoin surge or an altcoin cull. In the meantime, yearly lows across the board.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.