Ethereum hits a new 2018 low as cryptocurrencies dive
- Major cryptocurrencies are down between 5% and 7% on Thursday morning.
- Ethereum is at a new low for the year and bitcoin has broken below a "key support level."
- The market has been struggling so far in 2018.
LONDON - Cryptocurrencies are falling on Thursday morning, as the sector's prolonged slump deepens.
Ethereum has hit a new low for the year and bitcoin has breached what analysts say is a key support level. Here's the scoreboard at 8.45 a.m. GMT (4.45 a.m. ET):
- Bitcoin is down 5.2% against the dollar to $7,539.45
- Ethereum is down 7.2% to $413.43
- XRP is down 5.5% to $0.54
- Bitcoin Cash is down 7.7% to $795.30
- Litecoin is down 7.7% to $121.12
Analysts at the London Block Exchange said in their daily market email on Thursday that $7,700 is a "key support level" for bitcoin and the fact that it has broken below it appears to be denting sentiment across the market.
Crypto markets have been sliding all year after a bull run up to Christmas. The total market value has declined from a peak of $800 billion in December to around $280 billion as of Thursday, amid concerns about regulation, scams in the market, and falling consumer interest.
The CEO of crypto wallet startup Abra told Business Insider this week that he believes the market will recover this week as more institutional money invests in the asset class. Bill Barhydt said: "I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose."
You can follow live cryptocurrency prices on Markets Insider.