Two of the top 10 cryptocurrencies by market capitalization are now trading at their lowest level in a year.
Ethereum, the world’s second largest cryptocurrency by market capitalization, fell to its lowest price since 2017 on Wednesday, a development shared by Cardano, the world’s ninth largest by market capitalization.
At 16:00 UTC, during the middle of Wednesday’s trading period, the cryptocurrency ether dropped to $211 for the first time since July 30, 2017, while Cardano dropped to levels not seen since last year according to CoinDesk price data.
Ether was last seen trading at $221.88, marking roughly a 4.95 percent decline since the day’s open and a 19.83 percent decline over 24-hours.
At press time, ether is one of the biggest losers among the top 10 cryptocurrencies by market capitalization and is reporting a 7-day loss of 20.06 percent. Its individual market capitalization also fell by more than $5.8 billion within that period.
Ether has now effectively erased most of the gains seen during last year’s bull run and is down 84.2 percent from its all-time high of $1,357. According to CoinDesk price data, ether was trading at $337 exactly one year ago, leaving some to speculate on the possibility for a rebound.
The cryptocurrency is just one of a number of networks to see declining values during the Wednesday session. Well-known cryptos including XRP, EOS and bitcoin cash have all seen 24-hour losses in excess of 15-20 percent.
Cardano, the only other cryptocurrency asset in the top 10 to experience last year’s prices, has dropped 19.07 percent over a 24-hour period and was last seen changing hands at $0.085.
The total market capitalization of all cryptocurrencies is down nearly $27 billion from its yesterday’s top of $238.7 billion and is currently sitting just above $210 billion, CoinMarketCap data shows.
Disclosure: The author holds USDT at the time of writing.