Ethereum Dives 20% In Panic On Crypto Street

The cryptocurrency markets appear to be suffering something of a Black Thursday as Ethereum hits its lowest price for almost a year, and the most-traded Altcoins take large dives downwards.

Ethereum (ETH), the second most traded cryptocurrency after Bitcoin (BTC) took a massive southwards turn in price overnight. It now sits at the lowest price point it has seen in 2018, having gotten as low as $211 dollars in the early hours of the Thursday (GMT+1) – at the same time Bitcoin took another large drop – having been worth over $280 yesterday morning.

The $228 dollars it was worth at the time of writing represents the cheapest you’ll have been able to buy ETH since September 15th 2017, the last time it – albeit briefly – touched upon the $200 mark. As the graph below shows, at one point in early 2018, it was (again only briefly) worth seven-times that. It’s previous low point for 2018 had been around $250, which it dipped to on August 14th.

The same fate that has befallen ETH and BTC has also hit other Altcoins, of the Top 10 most-traded cryptocurrencies in the last 24hrs, the percentage falls do not make for happy reading.

EOS (EOS), Bitcoin Cash (BCH), Litecoin (LTC), NEO (NEO) and QTUM (QTUM) all suffered similar losses, with XRP being the only other coin to be in any way insulated in the same way BTC has been. XRP, however, now sits just 3c above it’s own year-low point, at around $0.29.

At around 1am this morning, Bitcoin Cash hit a 2018 low, getting down below the $500 dollar mark to $488. In fact, it’s the first time it has dropped below that watermark since October 31st of last year. Litecoin also dipped to its lowest point of the year so-far, briefly dipping below $54 dollars before recovering to hold at $55 for now. QTUM hit it’s lowest dollar price since it began being listed by CryptoCompare in November 2017.

Bitcoin Diamond (BCD) took the biggest nosedive, however, dropping a massive 41% after the pump created by its Binance listing yesterday.

The issue with Ethereum follows a lot of price-related problems in recent months, as well as concern about adoption of dApps and its plans to scale the network in the future. Recently, the team behind the running of the crypto announced plans to fettle its mining rewards and delay a so-called ‘difficulty bomb’ that was designed to smooth the process of moving to a new Proof of Stake system.

You can get all the latest cryptocurrency prices from CryptoCompare.