Ethereum, the crypto market’s second-most capitalized cryptocurrency, today dropped by nearly 10 percent, falling below the $200 per coin mark for the first time in over a month.
At the moment, ETH is trading for around $195 per token. It marks the first significant drop in Ethereum’s price since a bull run earlier this year saw its price rise from as low as $120 per coin to nearly $290.
It’s been a rough day for traders and investors globally, whether in crypto or traditional markets, such as stocks, bonds, and oil. The price of oil, for example, has dropped by more than 20 percent in the last day. Meanwhile, panic surrounding the coronavirus pandemic is growing at a rapid rate, contributing to the economic turmoil.
So far, Bitcoin has lost virtually all its 2020 gains. The asset is currently trading at $7,700—nearly $3,000 less than its high for the year.
Ethereum, by contrast, has lost nearly a third of its price since reaching its tallest peak in 2020 of about $285 on February 15. Ethereum had managed to stay above the $200 line prior to today’s nosedive despite occasional slumps over the past few weeks.
According to financial analysts at trading platform eToro, more volatility can be expected. The platform is advising its users to “monitor positions frequently.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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