The price of Ether, the second-largest cryptocurrency, has dropped below the psychologically important $4,000 level for the first time since Oct. 28.
It is currently trading at $3,969 on the Bitstamp exchange.
Ether is now down 17.44% from its all-time high of $4,878 that was reached just eight days ago.
In the meantime, Bitcoin (BTC) is currently trading below the $57,000 level, pushing the rest of the cryptocurrency market significantly lower. The crypto king is struggling to regain bullish momentum after hitting its lifetime peak of $69,044 on Nov. 10.
Solana (SOL) and Shiba Inu (SHIB) are the biggest laggards among the top altcoins, dropping 12% and 15%, respectively, over the past 24 hours.
Bitcoin and Ether are both down roughly 5%.
According to Coinglass data, $271 million worth of crypto has been liquidated over the past four hours across major exchanges.