Ethereum Price Sinks to 17-Month Low as Crypto Market Continues Free-Fall
The Ethereum (ETH) price sunk to a new 17-month low on Monday morning, following an overnight crash which wiped $16 billion off the global market cap and ushered in a continuation of last week’s dip.
By Monday morning, most of the altcoins were showing double-digit losses for the previous twenty-four hour period. Bitcoin managed to retain its value more than most, but still couldn’t stop from falling to the $5,200 range.
Compounding last week’s crash, today’s fall means the global crypto market cap has lost 20% of its value in the last seven days. That’s a dollar sum of $43 billion, and leaves the total market at a 13-month low of its own.
Ethereum Price Hits $150
The bottom of the trough arrived at 10:00 UTC Monday, by which point the value of ETH had fallen 13%, from the daily high of $179.15 down to $155.60. That price point hasn’t been seen since July of 2017 – almost 17-months ago.
That puts Ethereum on 25% losses for the week, along with most other altcoins. Bitcoin’s weekly losses stand at 13%, while XRP has lost just under 4% for the week. Click here for more on XRP’s newfound status, and its potential to decouple from Bitcoin.
As for Ethereum, today’s slide means the coin has lost a clean 50% in the previous quarter alone. The dominance of ETH/USDT trades continued on Monday, and six out of the nine most active trades were against the Tethered stablecoin.
Cardano Price Hits Yearly Low
Ethereum wasn’t the only alt to suffer on Monday, as Cardano (ADA) lost 14% of its value overnight. The slide to $0.053886 marked a new yearly low for the coin, and a valuation which hasn’t been seen since last November.
ADA fared worse than Ethereum over the previous seven-day period, losing 27.35%. Those losses were only matched or exceeded by Bitcoin Cash (BCH) and Dash (DASH) out of the major altcoins
This is where most of the blood has been squeezed of late, with several small-mid cap coins losing nearly half their value over the past week.
Coins and tokens like Aelf (ELF), Aion (AION), Loopring (LRC) and IOST (IOST) are down 40% over seven days, while Ox (ZRX), NEO (NEO), Tezos (XTZ) and Vechain (VET) are down 30%. The bear market is supposed to be the thing that separates the wheat from the chaff regarding the mass of mostly useless altcoins, and we may be witnessing this process begin right now.
However, that shouldn’t spur any hasty decisions (like the multiple people on social media claiming to be cashing out this morning), and even the alts mentioned in the previous paragraph will have plenty of opportunity to rebound if the broader market turns around.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.