The Ethereum price (BTC/USD) has dropped below the $400 mark in today’s trading, as a larger cryptocurrency rally has run out of steam.
The second-largest cryptocurrency on the market hit an intraday high of $418.97 yesterday, which was its highest level since March 29. It finished the session at $416.89, up from an opening level of $387.31.
However, nearly all of those gains have been erased today, due to a steep drop that the digital coin suffered during the morning portion of the session. The Ethereum price is currently hovering around $388, according to data from cryptocurrency tracker Coinmarketcap.
Ethereum’s decline is in line with a larger downtrend that has taken over the cryptocurrency market after a recent rally fizzled out. Many of Ethereu’s chief crypto rivals are now posting deep losses for the most recent 24-hour period. Bitcoin (BTC), which rose above $7,500 yesterday, is currently fighting to defend the $7,000 mark; Ripple (XRP) has retreated to the low $0.50 region and Bitcoin Cash (BCH) has plunged below $700 and is now trading at around $670.
These digital coins, along with most other major cryptocurrencies, suffered heavy losses in the first three months of the year, as investors’ enthusiasm waned due to the growing regulatory pressure on the sector and a string of negative developments, including several bans on crypto-related advertising. Ethereum, in particular, posted its worst-ever first quarter as it lost nearly 48% of its value over the three months to March 31.
In today’s trading, the Ethereum price stood at $388.75, as of 14:52 BST. The digital currency has lost 3.9% of its value in the past 24 hours, according to data from Coinmarketcap. The coin’s total market capitalisation currently stands at $38.3 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.