Enlarge / Ether, the cryptocurrency of the Ethereum network. (credit: https://ethereumprice.org/)
Ether, the currency of the Ethereum network, has plunged 9 percent over the last 24 hours. The virtual currency is now worth about $ 290—the first time it has been below $ 300 this year.
The declining price is part of a broader cryptocurrency sell-off that saw most major cryptocurrencies lose value over the last 24 hours. And it’s part of a longer-term trend that has seen the gradual deflation of last year’s cryptocurrency bubble.
Bitcoin, the world’s most valuable currency, has lost only 1 percent of its value over the last 24 hours. But it has drifted steadily downward this year, falling from a high of almost $ 20,000 in mid-December to $ 6,250 today.
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