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Ethereum is closely intertwined with initial coin offerings (or ICOs). Monday's decline comes as hundreds of those projects cash out of the digital ledger network after propping it up through thousands of fundraisers on the ethereum blockchain in the past year, Bloomberg reported.
George Weiksner and his father Michael are creating an ethereum-based token that can be used across multiple gaming platforms.
The second-largest cryptocurrency by market cap has lost 39% since the start of the year.
Ethereum fell more than 5% Wednesday morning, bottoming out at $651 per token — its lowest level of 2018 so far.
Cryptocurrencies have had a rough week.
The second-largest cryptocurrency by market cap has gained 45% while the market at large has lost 15%.
The coin is down nearly 30% to $918.24 on Tuesday.
The cryptocurrency is benefitting from Bitcoin's astronomical gains.
The price of Ethereum is spiking as uncertainty in bitcoin's future grows over the 'civil war' waging on the platform.