Ethereum, the second largest cryptocurrency by market capitalization is at its lowest point this year. Ether is currently trading at $180 a unit on Bitfinex, representing a loss of nearly 80% from highs of $1377 earlier in the year, data from CoinMarketCap indicates.
Ether, like many other cryptocurrencies, has been on a downward spiral since the start of 2018 amid increased regulatory scrutiny around the world. Much of the market is in the red with losses of between 1% and 12% among the top 20 coins. Flagship cryptocurrency Bitcoin seems to be holding some ground at $6287 on Bitfinex having lost close to 1% in the last 24 hours.
Ethereum price, on the other hand, has lost nearly 9% in the same period. Most ICO projects were launched on the Ethereum platform as the cryptocurrency craze caught on in 2017, helping drive up its value.
Investor confidence has since declined, and more pessimistic traders are betting against the token. Other innovative platforms like EOS have since emerged as well to provide serious competition.
Total market capitalization now stands at $189 billion, less than a quarter from highs of $813 billion at its peak in January.
Bitcoin has extended its market dominance to more than 57% as investors cash out of the more volatile altcoin market. Bitcoin typically enjoys relative stability in times of marked declines and investors see it as a better store of value in the space.