Ethereum hovers near 16-month low as cryptocurrencies fall en masse

Ethereum lost over 3% on Thursday, carrying on its decline for the fifth straight session and nearing 16-month lows hit yesterday as most cryptocurrencies face a violent selloff that sent Ethereum to the third place after Bitcoin and Ripple in the ladder of the world's most valuable virtual currencies.

At Bitstamp, Ethereum shed $6, or 3.3% to $172, with an intraday high at $181, and a low at $169. 

Ethereum tumbled 12.3% on Wednesday, the fourth loss in a row and the largest since October 11, marking 16 month lows at $165.  

Market value of cryptocurrencies dropped $6 billion on Thursday to a total of $181 billion, after plumbing $180 billion on Wednesday, the lowest since October 2017. 

The violent selloff comes after two months of limited-range trading in a clear sign that bears have the upper hand in the market. 

The exodus of cash from the crypto market is a bit unclear for its reasons, but some experts point to uncertainty surrounding Bitcoin Cash. 

Bitcoin Cash was the biggest loser yesterday among major cryptocurrencies with a 16% drop, ahead of an update on Thursday that would lead to a full split. 

The selloff forced Ethereum to relinquish its status as the world's second most valuable cryptocurrency to Ripple, a step that was long expected.