The Ethereum price (ETH/USD) has fallen below $500 for the first time in just over a week, amid a market-wide downtrend that has led to heavy losses for most major digital coins.
The second-largest cryptocurrency on the market rose to an intraday high of $535,82 in late Sunday trading, but it gave up most of its gains after experiencing a sharp pullback in the final minutes of the session. The digital coin finished the day at $524.29, slightly higher than its opening level of $522.70.
Ethereum has continued to struggle in today’s trading, especially after experiencing a plunge that sent its price below the $500 just before the start of the afternoon part of the session. The coin fell to as low as $483.19, its lowest price level since March 18. According to data from cryptocurrency tracker Coinmarketcap, the Ethereum price is currently hovering around $487.
The wider cryptocurrency market has also taken significant hit in today’s trading, with its size shrinking by some $20 billion to $308 billion. Most of the losses have been incurred in the afternoon session.
Ethereum remains the third most traded cryptocurrency, behind market leader Bitcoin (BTC) and Tether (USDT), the US dollar-pegged digital currency that is used as substitute for fiat at many virtual coin exchanges around the world. According to recent market data, about $1.5 billion worth of Ether tokens have been traded in the past 24 hours, with Hong Kong-based platform Binance capturing around 17% of all trades across multiple trading pairs.
In today’s trading, the Ethereum price stood at $487.47, as of 17:49 GMT. The digital coin has lost 6.6% of its value in the past 24 hours and its total market capitalisation currently stands at almost $48 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.