Ethereum Crashes to 9-Month Price Low Below $300, While Bitcoin Shows Resilience

August 13: Crypto markets have today failed to sustain their short-lived recovery, with Ethereum plummeting to a multi-month low below $300 and only a scant few altcoins spared from the widespread losses, as Coin360 data shows.

Ethereum is currently trading at $288, down a stark 9.77 percent on the day.

Ethereum is currently trading at an 9-month price low, hitting below the $300 price point last in early November.

Bloomberg analysts today explained the drop in Ethereum's price being due to "Pressure from ICOs cashing out," pointing out that Ethereum is the "Most popular" platform on which blockchain startups build and raise funds.

Bitcoin on the other hand is down a negligible 1.6 percent on the day, trading at around $6,224 at press time, according to Cointelegraph's Bitcoin price index.

Weekly losses however remain at around 9 percent - just last week on August 7, Bitcoin was trading above the $7,000 mark.

TRON, ranked 11th, and Neo, ranked 15th, are both seeing losses between 9 and 11 percent.

Bitcoin dominance - or the percentage of total crypto market cap that is Bitcoin's - has broken to a new 2018 record level, soaring on the day to 52.7 percent.

With Bitcoin seeing markedly more resilience than other major crypto assets, mainstream media today made a further positive comparison with the mainstream financial sector: in the midst of the unravelling currency crisis in Turkey, Bloomberg today noted that "The 10-day swings in the lira relative to the U.S. dollar now exceed those for Bitcoin amid Turkey's escalating currency crisis."

As an in-depth Cointelegraph analysis suggested today, the entire crypto market has been absorbing the impact of the U.S. Securities and Exchange Commission postponing its decision on the listing and trading of a high-profile Bitcoin ETF until late September.