Ethereum, the second-ranked cryptocurrency in the market, has set a new 2018 low, dropping below $300 for the first time since November 2017. This decline comes as the cryptocurrency market is in the midst of a torrid time, with coins dipping despite a flurry of positive developments in the industry.
Ethereum Price Below $300 For the First Time in Nine Months
Starting at 3 p.m. UTC, the price of ETH began to drop sharply—first falling from $320 to $300 in less than three hours. The price of Ether tried to hold steady above $300, before finally succumbing to the drop, falling as low as $290 just before the hour at 7 p.m. UTC. At press time, ETH’s trading price is about $289, which is its lowest level since November 2017.
Based on its performance today, Ethereum’s price is now down by almost ten percent in the last 24 hours. The second-ranked cryptocurrency is also high on the list of weekly losses among the top ten coins, dropping by nearly 30 percent over the previous seven days. Only EOS has experienced a greater seven-day price slide.
Cryptocurrency Market Continues to Decline
Today’s Ethereum price plunge is only the latest decline in a month that has seen cryptocurrency prices tank significantly. Over the last five days, the market reportedly lost $43 billion in total market capitalization. In fact, between Saturday (August 11, 2018) and Sunday (August 12, 2018), the crypto market cap declined by $8 billion.
Among the top ten coins today, only Stellar managed to record a positive 24-hour price movement. Reports of a $50 million Tether influx have done little to reverse the negative price trajectory trend except for a short-lived Bitcoin price boost to $6,400. The top-ranked cryptocurrency has since fallen to the $6,200 level.
Situation in Turkey May Spark Price Resurgence
The current currency crisis in Turkey is reportedly forcing citizens to invest more in cryptocurrency as a hedge against what seems to be a bleak economic period for the country. The Lira, Turkey’s national currency has slipped by more than 20 percent in the last few days to take its annual depreciation to more than 45 percent.
There are reports that the cryptocurrency trading volume in the country has risen significantly in the past few days. Some exchanges have even experienced a 100 percent increase in patronage.
In July, when Chinese nationals rushed to convert their money to BTC, its price spiked considerably. Maybe the situation in Turkey can spark a recovery in the prices of cryptocurrency.
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