The Ethereum price (ETH/USD) has suffered heavy losses, mirroring a downtrend observed across the wider digital currency market.
The second-largest cryptocurrency was mostly stable on Monday, trading in a tight price range of $480 - $490. However, like many of its crypto peers, Ethereum saw a decline that brought its price below the $480 mark in the latter stages of the session. The digital coin finished the day at $476.68, down from its opening price of $488.88
The late Monday drop turned out to be the beginning of a more significant decline, that has persisted throughout today’ trading session. The coin’s price fell below $470 in the morning trading, but the decline accelerated in early afternoon, resulting in a drop to an 11-day low of $434.37. The token has since seen a slight uptick, which has allowed its price to return above the $440 level. At the time of writing, the Ethereum price was hovering around $441, according to data from digital currency tracker Coinmarketcap.
So far, Ethereum’s performance has been consistent with a wider downtrend that has seen most major coins posting significant losses today. The Bitcoin price, for example, has fallen below the $6,500 mark, undermining the bullish case for the No. 1 digital currency. Other top 10 coins, such as EOS, Ripple (XRP), Cardano (ADA) and Bitcoin Cash (BCH), are also deep in the red, while the crypto market as a whole has lost more than $20 billion in the past 24 hours.
In today’s trading, the Ethereum price stood at $441.67, as of 16:1 BST. The digital coin has lost 9.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market cap currently stands at $44.4 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.