Ether (ETH) Price Drops 20% In Panic Crypto Market Selloffs

Omar Faridi
  • The Ether (ETH) price briefly dropped below $211 in the last 24 hours.
  • The $211 Ether price was last seen on July 30th, 2017 - just a few months before the historic crypto market bull run.
  • ETH is trading at around $225-$230 at press time, which is its lowest price since September 15th, 2017.

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Ether (ETH), the second largest cryptocurrency with a market capitalization of over $23 billion, has dropped to its lowest price since September 15th, 2017. The Ethereum blockchain’s native token is currently trading at $226.67 according to data from CryptoCompare.

At 16:00 UTC, the Ether price had fallen sharply to around $211. This is the lowest price for ETH since July 30th, 2017. As CryptoGlobe reported on August 13th, Ether dropped below the $300 mark for the first time in 2018, while reaching levels last seen in November of 2017.

Crypto Market Crashes As Goldman Sachs Shelves Plans For Trading Desk

In the past 24 hours, the ETH price has declined by nearly 20% - making it one of biggest losers out of all the major cryptocurrencies. Moreover, Ether has now lost all the gains it experienced during the historic crypto market bull run from last year. After trading at an all-time high of around $1,357, ETH is now down by over 84%.

As covered on CryptoGlobe, Bitcoin (BTC), the flagship cryptocurrency, also dropped below $6,900 after a mysterious whale (linked to the now-defunct Silk Road black market) shifted 111,000 BTC and Bitcoin Cash (BCH) to multiple different wallets.

The bitcoin price then plunged for a second time in the past 24 hours, and is now trading at $6,397.93 at press time. The sharp decline in cryptocurrency prices, including Cardano (ADA) which has dropped over 15% in the last 24 hours, is being attributed to Goldman Sachs’ decision to not move forward with its plans to launch a crypto trading desk.

Cryptos Will "Not Retain Value"

The large investment bank may, however, introduce a digital currency trading platform at some later point. Sources working closely with Goldman Sachs revealed that the institution may have shelved its plans for now due to regulatory uncertainty around cryptocurrencies.

As crypto prices crash, it’s worth noting that Goldman Sachs released an extensive report in early August stating that cryptocurrencies will “not retain value” because they cannot function effectively as money. The report also said cryptos did not deserve all the attention and media coverage they have received.

Max Keiser: Bitcoin Dominates Altcoins in Cryptocurrency Debate

  • Keiser Report host Max Keiser claims that bitcoin continues to dominate altcoins and provide more investor security.
  • Keiser predicted bitcoin's market dominance and hash rate to reach 99 percent within the next five years. 

Max Keiser, host of the Keiser Report, claims that bitcoin has no cryptocurrency rivals and that most altcoins fail to live up to the standard set by BTC. 

Speaking in an appearance on London Real, Keiser dismissed the possibility of a new crypto-asset emerging and eating into bitcoin’s market dominance. 

He said, 

There’s no coin out there that can do what Bitcoin doesn’t do already or will be able to do shortly. What you’re buying with Bitcoin is security.

Keiser continued, arguing that hard forks of bitcoin such as bitcoin cash and SV lack security compared to the original BTC.

The avid bitcoin supporter also referred to several altcoins as being “pure exit scams,” intentionally designed to manipulate investors. 

He explained, 

They have huge ‘pre-mines’ that the founders are selling or dumping and making a lot of money. A lot of people are losing money, and they have no use case. So like a Ripple or an Ether, even, is an exit scam. It’s to be avoided. Those are the top coins.

Keiser predicted that bitcoin’s market share and hash power, sitting at 65% and 85% respectively, will continue to rise relative to the market. He claimed that within five years bitcoin will account for 99% of all cryptocurrency hashing power and market capitalization. 

Featured Image Credit: Photo via Pixabay.com