Cryptocurrency prices fall sharply as bear market deepens
Ethereum, bitcoin cash, litecoin and cardano were the biggest fallers in the digital token top 10 on Wednesday, extending losses that drove the total crypto market capitalisation below $190bn.
The digital asset bear market decline has accelerated this month. So far in September, the total market capitalisation of all listed cryptocurrencies has fallen 17.7% from $227.8bn to $187.7bn, according to data on CoinMarketCap.com.
Ethereum has fallen sharply in the last week – down nearly 37% according to data from Investing.com. Losses have accelerated in a bear market that has seen the second biggest cryptocurrency fall 88% since its $1,423 peak in mid-January.
The Ethereum Foundation is by far the most popular blockchain network for launching initial public offerings (ICOs), accounting for nearly 70% of all ICOs in 2017.
Since most cryptocurrencies hit their record highs in the first couple of months of 2018 prices have fallen back sharply and, with them, so too has ICO activity.
“The token continues to be hit negatively from the sell-off in the ICO market – mostly based on the ether blockchain – which has seen constant ETH selling,” said Nick Cawley, analyst with DailyFX.
Many other cryptocurrencies were hit as bearish sentiment was underpinned by the ruling from a New York judge on Tuesday that crypto-related fraud cases can be covered by the Securities Exchange Act.
Here’s a round-up of the price movements of the top 10 cryptocurrencies at 11am on Wednesday, London time, according to data from Investing.com [weekly moves in brackets]:
- Bitcoin -1.3% at $6,257 (-13%)
- Ethereum -13.5% at $172.47 (-36.8%)
- Ripple -3% at $0.26 (-19.2%)
- Bitcoin cash -11.3% at $420.48 (-29.8%)
- Eos -2.1% at $4.85 (-21.6%)
- Stellar lumens -2.6% at $0.19 (-15.4%)
- Litecoin -12% at $48.12 (-26.3%)
- Tether -0.2% at $1 (+0.1%)
- Monero -9.5% at $98.33 (-25.5%)
- Cardano -15.8% at $0.06 (-38.2%)