In a sea of red in global cryptocurrency markets, Btcoin was able to limit its drop in the last 24 hours to around 1%, while other major cryptocurrencies such as Bitcoin Cash and Ripple experienced declines around 6%.
Ethereum was the heaviest hit in the last 24 hours, dropping from a valuation of USD322 and now trading at just USD290. Ethereum saw a high of USD1400 in mid Jan-2018, with the latest decline marking a nine month low.
Blockchain Capital partner Spencer Bogart, speaking to Bloomberg, attributes Ethereum’s decline to the status of initial coin offerings (ICOs).
“Investors are increasingly disillusioned with tokens and ICOs, most of which have been launched on top of Ethereum and we’re seeing this play out in the market with continued downward price pressure”, he said.
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