Ethereum Drops 20% in 24 Hours; Loses $5.8 Billion in Market Cap in a Week
Sep. 6, 2018The cryptocurrency industry is currently going through an unprecedented upheaval, with all major crypto denominations recording a sharp decline in the past 24-hours.
The worst-hit of this downfall is Ethereum, whose value depreciated by over 20% in a just a single day and has hit the lowest exchange value in the past 12 months.
As per a report byCoinDesk, the market capitalization of Ethereum has shrunk by $5.8 billion in a span of seven days, effectively erasing the gains registered during its golden run last year. As for the hit taken by the entire global cryptocurrency biz, the slump has shaved off approximately $27 billion from the net cryptocurrency market capitalization in just the past 24 hours.
