Ethereum Hits All-Time Lows of 2018 Amid Market Crash

The cryptocurrency market has been crashing today. With Bitcoin dropping 5% in the space of just two hours, the altcoins are also dropping hard with many depreciations in the double digits. Over the past 24 hours, Ethereum has dropped about 10% to hit all-time lows of 2018. Last week was a bullish week for the whole cryptocurrency market, but Ethereum failed to record any significant gains as other cryptocurrencies were soaring. With the first downturn since the bullish run of last week, Ethereum is dropping hard.

Over the past 24 hours, there has been over a 41% increase in shorts open on Bitfinex with an over 8% decrease in the number of longs. Analyst and investors have for some time been losing confidence in the smart contract platform, and last week, the mainstream news was reporting on it also. TechCrunch published an article predicting that the value of Ether will eventually go to zero. The price has now dropped below a key level. Around $270 was the price where…