The massive sell-off that gripped crypto markets last week following rumors of Bitcoin Cash hard fork triggered the slump of the crypto market. That news saw Bitcoin, the world’s largest digital currency by market cap, drop below the $5,400 mark for the first time in 2018. Ethereum also shed more than 10 percent of its value. The drop saw it getting surpassed by Ripple XRP in the CoinMarketCap table.
Ethereum investors got a rude shock Monday morning after realizing that the value of ETH continued to decline – reaching record levels since mid-last year. As of the time of writing, Ethereum is trading at $155. It has a market cap of $168 billion, according to data from CoinMarketCap. This means it has fallen below the $160 price point, which marks its lowest level since mid-last year.
The decline kicked off a few hours ago when the value of Ethereum declined below $175. It continued to drop until it reached the current price. According to CoinMarketCap, the third largest virtual currency by market cap has plummeted by more than 10 percent in the past 12 hours.
Ripple (XRP) is now more than $2 billion ahead of Ethereum in the CoinMarketCap standings. Even so, XRP rally came to a halt after it also lost more than 5% of its value. It is now trading at $0.49 at press time. A few days ago, the price of XRP was hovering at around $0.50. However, XRP was the least unaffected by the sudden crypto market correction that occurred on Nov. 14.
Apart from Bitcoin, Ethereum and Bitcoin Cash, other coins like IOTA, Monero and Cardano also appeared to be worst hit by the bearish trend. The mentioned altcoins have lost more than 10 percent over the last 24 hours.
A few weeks ago, a Bitcoin Core developer Jeremy Rubin stated that the value of Ethereum (ETH) might fall to zero due to the lack of widespread adoption and scalability issues.
Whether Ethereum will go down to zero or will recover from the slump recorded last week remains to be seen.