Ethereum (ETH) had a very bad day on November 19, following a sour weekend. The popular virtual currency has fallen to new lows since its all-time high close to $1,400 dollars in January 2018. At the time of writing, Ethereum price is listed under $154.
Ethereum Price Hits Low Since Record High
As a new week begins, The whole cryptocurrency market, excluding a few exceptions, is operating negatively. Ethereum has lost more than 12% of its value in the last 24 hours, while Bitcoin is being traded almost 9% down.
The market does not seem to have a clear and unique reason related to why it is currently falling. Nevertheless, we could suppose that this is related to the uncertainty that the market has regarding Bitcoin Cash (BCH) and its network upgrade. Bitcoin Cash ABC and Bitcoin SV are fighting for a place in the crypto market. Until now, there is no clear winner in this hash war.
However, XRP was the best performing virtual currency in the last seven days. It has lost 4.5% of its value, while Ethereum lost more than 27%. During the same period of time, XRP surpassed Ethereum as the second most valuable virtual currency in the market. This price decrease in Ethereum has severely affected its market value.
At the time of writing, Ethereum has a market capitalization of $15.89 billion dollars, $4 billion dollars less than XRP. In the past, XRP was not able to keep for so long in the second position in the cryptocurrency market. Now it seems that it is performing better than on past occasions. Nevertheless, Ethereum has been performing in a very bearish way.
According to Trustnodes, 55,000 ETH has been sold in the last seven days. In the past 30 days, over 131,000 ETH has been sold. Apparently, the biggest seller was Districtox with 15,000 ETH. Initial Coin Offerings (ICOs) have been selling the ETHs they were able to gather during their token sales to avoid further losses.
Currently, each ETH coin can be purchased for a price of $153 dollars. This is the lowest point since May 2017. Each XRP token can be bought for $0.49 dollars, while Bitcoin is being traded close to $5,100 dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
