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Two of the top 10 cryptocurrencies for market capitalization are now trading at their lowest level in a year.
Ethereum, the second largest cryptocurrency in the world by market capitalization, has fallen to the lowest price since 2017, a shared development of Cardano, the ninth largest in the world by market capitalization
: 00 UTC, during the mid-trading period on Wednesday, the cryptocurrency dropped to $ 211 for the first time since July 30, 2017, according to the price of CoinDesk data .
Ether was last seen trading at $ 221.88, marking a decline of 4.95% from the opening day and a decline of 19.83% on 24 hours.
At the time of printing, ether is one of the biggest losers in the top 10 cryptocurrencies by market capitalization and recorded a 7-day loss of 20.06%. Even its individual market capitalization decreased by more than $ 5.8 billion at that time
Ether effectively canceled most of the gains earned during the last year's bull run and it drops 84.2% from its all-time high of $ 1.357. According to CoinDesk's price data, the ether was trading at $ 337 exactly a year ago, leaving some to speculate on the possibility of a rebound.
Cryptocurrency is just one of many networks to see decreasing values during the Wednesday session. The well-known criptos including XRP, EOS and bitcoin money have all seen losses of 24 hours above 15-20 percent.
Cardano, the only other good cryptocurrency in the top 10 to experience last year's prices, has dropped 19.07% over a 24-hour period and the last was view exchanging for $ 0.085.
The total market capitalization of all cryptocurrencies has fallen nearly $ 27 billion compared to yesterday's $ 238.7 billion and is currently above $ 210 billion, shows CoinMarketCap data.
Disclosure : The author holds USDT at the time of writing.
The leader in blockchain news, CoinDesk is a media outlet that fights for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.
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