Ethereum (ETH) Hits 9 Month Low as Bitcoin Defends $6000

Signs of a crypto market recovery in the past week is quickly fading away after the world’s second most valued cryptocurrency slipped below $300 today. At press time Ethereum was valued at $260, a massive 17% decline according to Coin360 stats.

Within the last three hours up to press time, Ether has struggled to find its way past the $300 mark which it defended very well on the previous trading day. As also noticed in the charts, ETH’s decline is the second worst of the day among the top ten currencies in the crypto market, only 1.46% behind the ADA coin which slipped by a massive 18.83%. Market cap for the Ethereum at press time was $26.8 billion.

While recent Bloomberg reports say that “ICOs cashing out of the network” is responsible for the massive decline, one would have to go as far back as early November last year to find ETH below 300.

Bitcoin Defends $6000

The top cryptocurrency is now back to where it was in the past month as it continues to record drops following the announcement of an ETF delay late last week.

Trading data within the last two hours show that BTC prices have not gone beyond $5971. At press time the bitcoin price was $6006 while the coin recorded a 54.1 dominance with a market cap of $103.8 billion.

In summary, the total cryptocurrencies market cap at press time is 192 billion.