Hello And Welcome Back To The Latest Edition Of All The Cryptos Are Getting Rekt Right Now. Crypto bloodbaths have become fairly common in 2018 — mainly because of the insane growth in 2017 — but we’ve not covered them all because they are so numerous and often include so-called ‘flash crashes’ or small drops, but the fall happening today is worth noting for several wider reasons.
Primarily that’s because this is a major test for Ether — the token associated with the Ethereum Foundation that is the second largest cryptocurrency by volume — has been on a downward spiral with little sign of change. Ether, which is the preferred platform of choice for most developers building on the blockchain, is down nearly 17 percent over the past day.
That’s erased billions of dollars in paper (crypto) value as the bear market for cryptocurrencies continues to pull markets south. The drop also marks the first time ever that the price of an Ether has fallen below its valuation over one year: one Ether is worth $266 right now at the time of writing, versus $304 on August 14 2017.
The token has been steadily falling since early May, when its peak value was $808, and as the lynchpin for many ICO project tokens, its demise has sent the value of most other tokens down, too. Just looking at Coinmarketcap.com this morning, all but two of the top 100 tokens are down over the last 24 hours with many losing 10-25 percent of their value over the past day.
Bitcoin, too, has dropped below $6,000, having topped $8,000 for a time last month. Ether’s plummet below $300 has sparked a mixed debate among those in the crypto community. Read more from techcrunch.com…
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