The price of ether, the cryptocurrency of the ethereum network, fell below $400 on Thursday for the first time since November.

Ether hit a low of $387.85, according to CoinDesk data, and as of press time is trading at roughly $394. On GDAX, the cryptocurrency exchange operated by startup Coinbase, ETH is currently trading at around $392.

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The cryptocurrency's price hasn't been below the $400 level since November 23, according to data from CoinMarketCap. At the time, the price had nearly reached an all-time high and would go on to surpass $1,200 as the broader cryptocurrency market shot to its peak.

As previously reported, ether is one of several major cryptocurrencies to take a hit during Thursday's trading session. Others in the top-10 cryptocurrencies by market capitalization, including bitcoin cash and Ripple's XRP token, also hit lows for 2018.

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Ether isn't the only cryptocurrency to see significant moves in today's session. In the last hour, bitcoin's price dropped to a low of $7,016.53, according to the Bitcoin Price Index (BPI), only to leap back to $7,165.26 as of press time.

Graph via CoinDesk BPI; Drop tower image via Shutterstock

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