The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has collapsed by 10%, according to data provided by CoinGecko. 

The altcoin has plunged to an intraday low of $1,601, and the sell-off is seemingly getting worse. 

Bitcoin, the leading cryptocurrency, has also plunged below the $79,000 level, reaching a new intraday low of $78,882. 

The cryptocurrency market is getting crushed after the U.S. stock market lost more than $6 trillion in two days earlier this week.

Even though Bitcoin performed surprisingly well during the aforementioned crash, it is now showing its risk-on side once again.