The price of Ethereum has dropped below $ 300 as the cryptocurrency market enters a more intense bearish pullback. Except for Tether, all the other top ten coins have undergone significant negative price movements in the last 24-hour trading period.
Ethereum Tumbles 17 Percent
Ethereum, the second-level cryptocurrency according to market capitalization sank at the minimum 2018 rating Monday afternoon UTC. ETH has not traded below $ 300 since the beginning of November 2017. At the time of printing, ETH lost more than 17% to bring its 2018 to 60%.
The decline in the price of Eth was attributed to the disillusionment of ICO Investors. The huge number of ICO scams and the amounts that are sifted by these pump and landfill schemes have created negative feelings in the ETH market.
Ethereum, the preferred platform for most ICO projects benefited from this over $ 1,000 in February 2018. At that time, BTC was shrinking below $ 6,000. However, it seems that the tide has transformed the largest number of ICO projects that have aroused interest in ETH, increasing its price that it has started to cash in to cover expenses. So, the ETH is starting to flow. Commenting on the issue, BloomWater Capital chief Biswas Das said:
These startups are collecting a lot of money, but they do not have sufficient cash management or liquidity management experience, so they are selling too soon and causing a lot of pressure in the market. All went well last year, but right now the market is so fragile that it causes a lot of pressure.
The general surrendering perhaps exacerbates the decline of Eth in the market caused by stricter regulations and the slow pace of institutional adoption. Experts believe that the projects are not liquidated and therefore provide even more pain for ETH investors as prices are still lower.
Bitcoins download more than 20% in August while overcoins continue to bleed
Bitcoin slides shortly below $ 6,000 Tuesday morning mark (August 14, 2018). At the time of writing this article, the first-class cryptocurrency is back above $ 6,000. In August, BTC lost more than 20%, eroding most of the gains accumulated in July. The decline of Bitcoin since the beginning of the year now stands at 57 percent.
The positive sentiments that led to the SEC decision on several ETFs pushed prices up to $ 8,400 at the end of July. However, the Commission rejected or delayed the approval of the various documents submitted to it. The consensus is that a Bitcoin ETF approved by the SEC in 2018 is highly unlikely.
The altcoin market, in general, looks gloomy, with prices significantly depreciated. Cardano is at the top of the top ten, with a drop of almost 20% in the last 24 hours. Off the top ten, Ethereum Classic has not been able to maintain its upward price trajectory after a series of platform adoptions. The 13th cryptocurrency is currently declining by more than 19% in the last 24 hours.
How low is it expected that the price of Ethereum will reach in this current decline? Continue the discussion in the comments section below.
Image courtesy of Coinmarketcap.