Through this extended downtrend, one coin being challenged heavily is Ethereum (ETH). Ethereum has been subject to massive bleed since its peak prices earlier in this year. Today, ETH is trading below US$450, the lowest since December 7. Following December 7, Ethereum saw an explosion- tripling in value. Unfortunately, these gains have now been almost entirely erased.
Beyond the overarching pressure of a global bear market, Ethereum has been subject to increased pressure due to the further developments of a number of cryptocurrencies and crypto-initiatives seeking to overtake the blockchain application platform. It can be argued that these competitors are succeeding in chipping away at the giant, as market dominance of ETH has fallen from over local highs of 22% to current lows below 15% in a span of less than two months. During this time period, Ethereum’s market cap has fallen from US$110 billion to $44 billion.