It’s another down day for the crypto market. Ethereum, the second-largest coin by market cap, hit its monthly low of $184, as the market struggles to regain the losses suffered over the weekend.
Yesterday, Bitcoin, Ethereum, and the rest of the market appeared poised for a recovery. Bitcoin shot (briefly) shot above the $8,000 per coin mark, and Ethereum was safely above $200.
Today, ETH is trading for just over $180, having lost nearly 8 percent in the last 24 hours.
The cryptocurrency market suffered heavy losses earlier this week—mirroring the activity in the traditional stock and equities markets, which took a dive on Monday spurred by growing fear over the spread of the deadly coronavirus and tanking oil prices.
Positive news around Ethereum over the last few days hasn’t appeared to bolster the price of the asset. For example, earlier this week, the investment company led by Reddit co-founder Alexis Ohanian announced a $5 million funding round in Ethereum-based card game SkyWeaver.
Investment ratings firm Morningstar has also rated the new Fat Brands digital securities issued via the Ethereum blockchain for the first time, and the company’s sentiment was largely positive. These securities have helped the fast food chain attain nearly $40 million in additional capital, the company claims.
Nevertheless, the market remains in nearly the same state as Monday’s drop--a combined market cap of around $216 million, down from $264 million on Saturday. Bitcoin Cash, Tezos and Litecoin have all dropped in price between five and 10 percent, respectively.
Stocks also took another tumble this morning. Despite having gained as much as 500 points since yesterday, the Dow experienced another dip during today’s early hours that saw it lose more than 800 points. The S&P has lost an additional 3.5 percent.