- Ethereum was trading at $US451 early Tuesday, its lowest price the year so far.
- The second-largest cryptocurrency by market cap has lost 39% since the start of the year
Ethereum hit its lowest price of 2018 so far, bottoming out at $US451.19 per token, early Tuesday, according to Markets Insider data.
The second-largest cryptocurrency by market cap’s previous low was $US460 per token, set just over a week ago on March 18, according to historical data from CoinMarketCap.com.
This year has been a marked departure from 2017 for all cryptocurrency. Even the flagship bitcoin, whose meteoric rise in 2017 led to a frenzy of investment and media interest, is down 41% since January 1.
The prices of many of the major cryptocurrencies tend to trade in tandem with one another, something Goldman Sachs said in February was “contrary to what one would expect in a rational market.“
Since the beginning of 2018, the total market for cryptocurrencies has more than halved and is currently just $US301 billion, according to CoinMarketCap, after starting the year at $US608.2 billion.