Ethereum Crashes to 9-Month Price Low Below $300, While Bitcoin Shows Resilience
Ethereum (ETH) is currently trading at $266.89 on Coinbase, down a stark 16.54 percent on the day. Having traded sideways most of the day to hold close to the $320 mark, the top altcoin saw a vertiginous plummet in the two three hours up to press time. Ethereum’s losses on its daily chart are the most severe among the top ten cryptos on CoinMarketCap’s listings. On the week, the leading altcoin’s losses are over 28 percent, with monthly losses pushing 33 percent.
Ethereum is currently trading at an 9-month price low, hitting below the $300 price point last in early November. Bloomberg analysts today explained the drop in Ethereum’s price being due to “pressure from ICOs cashing out,” pointing out that Ethereum is the “most popular” platform on which blockchain startups build and raise funds.Bitcoin (BTC) on the other hand is down a negligible 1.6 percent on the day, trading at around $6,224 at press time, according to Cointelegraph’s Bitcoin price index. During earlier trading hours today, the asset made a fresh attempt at breaking through the $6,500 resistance, but slid downwards, losing around $200 within 6 hours.