Ethereum (ETH) hits one year low, Cardano (ADA) also faces the brunt of financial bloodbath
Ethereum (ETH), the world's second largest cryptocurrency by market capitalization, reached its one year low, as price dropped more than 15 %. All throughout 2018, Ethereum hit new lows and it seems that the trend continues.
According to CoinMarketCap, ETH fell to around $218 on Thursday at 6:09(+UTC 5:30), a value which the crypto did not go down to since September last year. At the time of writing, Ethereum is trading at $226.39.
Ethereum is not the only coin in the top 10 which is bearing the brunt of this recent financial bloodbath. Cardano (ADA), the ninth largest crypto by market capitalization, also suffered a similar fate as it dropped by 11 % in the last 24 hours. ADA was yesterday trading at $0.94 and dropped down to $0.083 on Thursday at 6:24 (+5:30 UTC).
World’s premier cryptocurrency, Bitcoin, has also dropped from $7,000 to less than $6,500. BTC is currently trading at $6,433. This drop comes despite all the positive reports of Bitcoin adoption that was reported recently.
As BCFocus previously reported, “Lightning Network that creates a layer on top of the Bitcoin blockchain gets a boost from a start-up CoinGate. The payment processing company is reportedly adding its 4,000 merchants to the off-chain system, making Bitcoin adoption take a step forward.”
According to some market analysts, this recent fall might be a direct consequence of U.S. investment giant, Goldman Sachs’, recent decision. According to the reports, it’s scrapping its plans to open a cryptocurrency trading desk due to poor regulatory standards and volatile conditions of the market.
According to the bank, “Such plans are not a priority right now and the bank would rather focus its energy on a custody product for crypto that would better cater to large institutional clients.”
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