As the wider market slides, Ethereum has plummeted to multi-month lows below $300, although Bitcoin is holding its recent gains. August 13: Crypto markets have today failed to sustain their short-lived recovery, with Ethereum (ETH) plummeting to a multi-month low below $300 and only a scant few altcoins spared from the widespread losses, as Coin360 data shows.
Bitcoin (BTC) is seeing only minor losses on the day. Market visualization from Coin360 Ethereum (ETH) is currently trading at $288, down a stark 9.77 percent on the day.
Having traded sideways most of the day to hold close to the $320 mark, the top altcoin saw a vertiginous plummet in the two three hours up to press time. Ethereum’s losses on its daily chart are the most severe among the top ten cryptos on CoinMarketCap’s listings.
On the week, the leading altcoin’s losses are over 28 percent, with monthly losses pushing 33 percent. Ethereum is currently trading at an 9-month price low, hitting below the $300 price point last in early November.
Ethereum’s 1-year price chart. Source: Cointelegraph Ethereum Price Index Bloomberg analysts today explained the drop in Ethereum’s price being due to “pressure from ICOs cashing out,” pointing out that Ethereum is the “most popular” platform on which blockchain startups build and raise funds. Read more from cointelegraph.com…
thumbnail courtesy of cointelegraph.com