Cryptocurrency markets are feeling the pressure from an extended downturn on Wednesday, September 12, with Bitcoin ( BTC) losing 2.5 percent and Ethereum ( ETH) hitting its lowest levels since May 2017.
Data from Cointelegraph’s price tracker and Coin360 confirms the lackluster picture across cryptoassets continuing another day, with all of the top twenty coins — with the exception of Dogecoin (DOGE) — in the red.
Market visualization from Coin360
Bitcoin had climbed to almost $7,400 last week before turmoil hit markets again, prices tumbling over claims Goldman Sachs had shelved its crypto trading plans, something officials have since dismissed as “fake news.”
The combined effect has meant BTC/USD was tending towards $6,200 at press time, support nonetheless holding at around $6,251 to prevent a deeper slide below the $6,000 barrier.
For Ethereum, the outlook appears bleaker.
Nonetheless, ETH has faced a bearish tide for several months, with industry research from Tetras Capital in July warning the asset faced a prolonged cooling-off period after the intense growth it saw from the 2017 Initial Coin Offering (ICO) phenomenon.
For other major altcoins, losses came as a result of Bitcoin’s downturn, Dash ( DASH) and Litecoin ( LTC), and Bitcoin Cash (BCH) all almost matching ETH’s minus 11 percent performance. Altcoin Cardano (ADA) went further, dropping around 14 percent.
The suppression of altcoin prices had meant Bitcoin’s overall market dominance has reached multi-month highs nearing 58 percent, according to data from CoinMarketCap. Bitcoin last achieved that market share in December, when prices hit all-time highs around $20,000.