Below $300: Ether Price Hits New Low for 2018

MARKETS
Sam Ouimet
Aug 13, 2018 at 17:52 UTC  |  Updated  Aug 13, 2018 at 20:04 UTC

Ether, the world's second-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Monday.

At 16:50 UTC during Monday's trading session, the cryptocurrency fell below $300 dollars for the first time since November 12, 2017, according to CoinDesk's Ethereum Price Index (EPI). 

ETH was last seen trading at an average price of $289.16, marking a roughly 9.6 percent decline since the day's open.

At press time, ETH is the biggest loser among the top 10 cryptocurrencies by market capitalization and is reporting a 7-day loss of 28.33 percent, according to data from CoinMarketCap. Its individual market capitalization also fell by more than $10 billion within that period.

ETH has now effectively erased 100 percent of its year-over-year growth and is down 78% from its all-time high of $1,337. According to CoinDesk price data, ether was trading at $289.96 exactly one year ago

The cryptocurrency is one of a number of networks to see declining values during the Monday session. Well-known cryptos including EOS, bitcoin cash and cardano have all seen 24-hour losses in excess of 5 percent.

The total market capitalization of all cryptocurrencies is down nearly $15 billion from its daily high of $219.4 billion and is currently sitting at just above $205 billion, CoinMarketCap data shows.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st, and AMP at the time of writing.

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