Ethereum, the world‘s second-biggest cryptocurrency, is in meltdown

Ethereum has lost more than 20% in the last 24 hours.

  • Ethereum has lost 20% over the last day and is now trading at its lowest level since August 2017.
  • The world’s second-biggest cryptocurrency has lost more than 80% of its value since peaking in December 2017.

Prices for Ethereum have fallen to their lowest level in a year.

The world’s second-biggest cryptocurrency has been caught in the latest crypto selloff,

Ethereum has lost around 20% in that time and a short time ago was trading beneath $US230, the lowest level since August 2017.

Moves in Ether tokens can have a significant bearing on crypto markets, given the Ethereum blockchain is the platform of choice for the majority of new initial coin offerings.

Another company in the crypto space which provides a blockchain platform is Hong Kong-based’s EOSIO platform has been considered as a possible competitor to Ethereum, with the potential for improved scaling capability., raised $US4 billion in an ICO earlier this year via the issuance of EOS tokens. the proceeds of the ICO were received in Ether.

The EOS token is now the fifth-biggest cryptocurrency in the world, but it too has posted sharp declines over the last three months.

Since the start of June, EOS tokens have lost around two-thirds of their value, falling from above $US14 to around $US5.

Ether tokens have seen similar declines, falling from around $US615 on June 6 to $US227 today — a decline of around 63%. Over the same time frame, Bitcoin has lost around 17%.

The establishment of the Ethereum blockchain also gave rise to a proliferation of new alt-coins, which is part of what inspired 2017’s crypto-craze.

Even the Commonwealth Bank’s blockchain bond, which raised $110 million for the World Bank’s reconstruction and development division,

The craze reached its zenith in December last year when Ethereum topped out at $US1,357. Since then, the currency has lost more than 80% of its value.

In line with Ethereum’s latest fall, hundreds of alt-coins on the website coinmarketcap have posted declines of around 20% over the last 24 hours.