The Ethereum price (ETH/USD) has dropped below the $400 mark for the first time since November, as the cryptocurrency market has continued to struggle in the wake of a recent crypto ad ban and news about two crypto exchanges shutting down in Japan.
The second-largest cryptocurrency on the market fell below that level yesterday, after suffering heavy losses during the afternoon session. The digital coin finished the day at a near intraday low of $385.97, down from its opening level of $448.08.
The decline continued in the early hours of today’s trading, with the Ethereum price falling to $368.63, its lowest level since November 22. A brief resurgence of the cryptocurrency market allowed Ethereum to recoup its losses and rise to an intraday high of $409.93, but the coin has seen another downturn in the afternoon portion of the session. According to data from cryptocurrency tracker Coinmarketcap, the Ethereum price is currently hovering around $380.
Ethereum has been one of the biggest losers among major digital currencies since Twitter announced on Monday that it was banning adverts for certain crypto-related activities, including initial coin offerings (ICOs). Ethereum is the most popular platform for ICOs, which could explain why the coin has seen bigger losses compared to some of its main rivals. Ethereum has lost over 25% of its value since the announcement, Coinmarketcap data shows. In comparison, over the same period market leader Bitcoin (BTC) lost about 18.5%, while the third-largest token, Ripple (XRP), has declined by roughly 21%.
In today’s trading, the Ethereum price stood at $381.84, as of 15:54 BST. The digital currency has lost 6.1% of its value in the past 24 hours, according to Coinmarketcap. Its total market capitalisation currently stands at $37.6 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.