Ether Falls Toward $1.7K as Bitcoin’s Price Drop Weighs on Broader Market

Ether Falls Toward $1.7K as Bitcoin’s Price Drop Weighs on Broader Market

Ether and other alternative cryptocurrencies, popularly known as altcoins, are taking a hit alongside bitcoin‘s price drop, as the dour macro mood overshadows bullish idiosyncratic narratives. 

The native token of Ethereum’s blockchain is trading near $1,758 at press time, down 6% on a 24-hour basis. The cryptocurrency touched a three-week low of $1,721 early today, having peaked above $4,000 in May, according to CoinDesk 20 data. Other prominent altcoins like XRP, cardano, uniswap, chainlink, and stellar are nursing declines around 10%. Bitcoin, the crypto market leader, is down 5% at $29,700.