The Ethereum price (ETH/USD) has hit new 2018 lows after suffering heavy losses over the past 24 hours.
The second-largest digital currency on the market had to endure another disappointing session yesterday, with its price experiencing a steady decline throughout the session. The decline accelerated in the afternoon, when the coin lost as much as 7% to hit an intraday low of $180.60. While the digital currency saw a modest rebound in the final hours of the session, it still finished the day deeply in the red. Ethereum closed the day at $185.07, down from its opening level of $198.18.
The cryptocurrency has declined further in today’s trading, hitting its lowest levels in over a year. The coin fell to $170.26 earlier today, which was its lowest level since July 17, 2017, according to data from digital currency tracker Coinmarketcap. At the time of writing, the Ethereum price was hovering around $175. The coin is now down nearly 88% from its all-time high of $1,432.88, reached on January 13.
Some analysts have suggested that Ethereum’s recent struggles are due to the market for initial coin offerings (ICOs) cooling down.
"Ether's price was inflated earlier due to the ICO mania," Joe DiPasquale, chief executive officer of BitBull Capital, said yesterday, as quoted by CNBC. "As people pledged Ether with ICOs, the supply-demand equation got skewed — now ICOs have cooled down, and hence the setback."
Ethereum is also facing increased competition due to the rise to prominence of rival platforms such as EOS and Stellar.
In today’s trading, the Ethereum price stood at $173.21, as of 11:57 BST. The coin has lost 10.5% of its value in the past 24 hours, Coinmarketcap data shows. Thee coin’s total market cap currently stands at $17.6 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.