Ether, ADA Crypto Prices Hit Lowest Levels In Over 1 Year

Ethereum, the world's second largest cryptocurrency by market capitalization, fell to its lowest price since 2017 on Wednesday, a development shared by Cardano, the world's ninth largest by market capitalization.

At 16:00 UTC, during the middle of Wednesday's trading period, the cryptocurrency dropped to $211 for the first time since July 30, 2017, according to CoinDesk price data.

Ether was last seen trading at $221.88, marking roughly a 4.95 percent decline since the day's open and a 19.83 percent decline over 24-hours.

Its individual market capitalization also fell by more than $5.8 billion within that period.

Ether has now effectively erased most of the gains seen during last year's bull run and is down 84.2 percent from its all-time high of $1,357.

According to CoinDesk price data, ether was trading at $337 exactly one year ago, leaving some to speculate on the possibility for a rebound.

The cryptocurrency is just one of a number of networks to see declining values during the Wednesday session.

Well-known cryptos including XRP, EOS and bitcoin cash have all seen 24-hour losses in excess of 15-20 percent.

The total market capitalization of all cryptocurrencies is down nearly $27 billion from its yesterday's top of $238.7 billion and is currently sitting just above $210 billion, CoinMarketCap data shows.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.