Things have taken a turn for the worse for Ethereum, with the cryptocurrency crashing to its lowest value in over three months amidst a global market sell-off.
As it stands, ether (ETH) is down more than 10 percent in the last 24 hours, knocking the price below the $200 threshold for the first time since May 2019. It is now worth $187. With the latest drop, close to 80 percent of all ETH holders are out of pocket, according to crypto market analytics firm, IntoTheBlock.
Ethereum is today’s worst-performing asset in the top five coins, but fared better than both EOS and Bitcoin SV in the top 10.
Meanwhile, as the market falls increasingly into the red, Bitcoin’s dominance is growing. As it stands, Bitcoin has captured a whopping 68.4 percent of the total value in the crypto market, while Ethereum’s market share has shrunk to just 7.5 percent.
However, it’s not all bad news for Ethereum. It has managed to claw itself back to second in the crypto rankings—with its market cap nearly double that of XRP—after Ripple’s currency suffered huge losses in the last few weeks.
The exact reason behind the general crypto slide remains unclear. However, some have suggested it’s the result of the weakening Chinese Yuan and yesterday’s crash of the Dow Jones that has spooked investors—with many looking for safety in stablecoins. With the world economy seemingly poised for a significant downturn, the brief crypto spring looks like it might skip summer and fall and head straight back to winter.