The Ethereum price (ETH/USD) has hit its lowest level since late May, 2017, after suffering another beating in today’s early session.
The third-largest digital currency on the market spent most of the Thursday session moving on steady downward trajectory. The coin saw a small uptick in early trading that lifted its price to an intraday high of $137.74, but after that the token began a gradual descent toward the $130 mark. The situation got even worse in the final hours of the session when Ethereum plunged to a close below the $130 level. The coin finished the session at $126.71, well below its opening price of $136.81.
Ethereum dropped even further in today’s early trading, with its price falling to as low as $120.52. This was Ethereum’s lowest price level since May 27, 2017, according to data from digital currency tracker Coinmarketcap.
The digital coin has since pared some of today’s losses, but still remains dangerously close to the $120 level. At the time of writing, Ethereum price was hovering around $122.
Ethereum has been one of the biggest losers in the wake of the crypto market crash that occurred on November 14. The digital coin has lost more than 40% in that period and even lost its position as the second largest cryptocurrency by market capitalisation to Ripple (XRP). Last Friday’s decision by the US Securities and Exchange Commission (SEC) to require two ICO start-ups to register their tokens as securities likely hurt Ethereum more than many of its rivals, since it is the leading platform for initial coin offerings.
In today’s trading, the Ethereum price stood at $122.37, as of 15:47 GMT. The digital coin has lost 7.1% of its value in the past 24 hours. Its total market cap currently stands at $12.6 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.