Cryptocurrency Markets Slump Midweek as Ethereum Hits New 2018 Lows

Cryptocurrency markets are feeling the pressure from an extended downturn on Wednesday, September 12, with Bitcoin losing 2.5 percent and Ethereum 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 - in the red.

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."

Recent comments by co-founder Vitalik Buterin about the lack of growth perspectives in blockchain appeared to exacerbate ETH's descent to 2018 lows.

At press time, ETH/USD traded around $172, down almost 11 percent on the day.

Ethereum last saw this price point in July of 2017.Ethereum price chart.

For other major altcoins, losses came as a result of Bitcoin's downturn, Dash and Litecoin, and Bitcoin Cash all almost matching ETH's minus 11 percent performance.

Altcoin Cardano 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.