Cryptocurrency prices hit record low, bitcoin loses one-sixth of its value in the past week
The cryptocurrency market is crashing. Bitcoin — the largest cryptocurrency by market capitalization — is down more than 17% over the past 24 hours, trading at $8,038.88 at pixel time. Ethereum, the second largest crypto, is trading at $839.18, losing nearly 20% in the last 24 hours. Ripple’s XRP token is down 22%, to $0.9585.
Bitcoin lost a sixth of its market capitalization, falling from $137 billion to $115 billion in just one week. The total market cap of all cryptocurrencies dropped from $458 billion to nearly $400 billion today.
This marks a significant drop from last month’s frenzy, when bitcoin’s price surged and reached a new all-time high of around $20,000 per coin on U.S.-based exchanges like Coinbase. At the time, many analysts predicted the bubble would burst soon but few expected it would happen this fast and this hard.
The value of cryptocurrencies reached a record low this week, with the most popular cryptocurrency, Bitcoin, losing one sixth of its value in the past seven days. The price drop is attributed to increased regulation of the crypto market and a crackdown on initial coin offerings (ICO) by China and South Korea.
According to CoinMarketCap.com, Bitcoins are currently trading at around $6,000 per coin, with an overall market cap at around $100 billion. This represents a steep decline from $19,000 in December 2017.
A blog on crypto prices.
Cryptocurrency prices have hit a record low. The combined value of all cryptocurrencies on Tuesday sunk to its lowest level since November 1, 2017. It has been a volatile week for cryptocurrency investors, as the price of Bitcoin lost more than one sixth of its value in seven days.
The total value of all cryptocurrencies was $202 billion, according to data from CoinMarketCap.com. That’s down from its previous low of $203 billion set on December 22, 2017. Cryptocurrencies saw a massive surge in value during the latter part of 2017 and early 2018, but they have steadily declined throughout the year as regulators around the world cracked down on fraud and manipulation in the industry.
Bitcoin, the most popular cryptocurrency, was trading at $6,198 per coin Tuesday afternoon. That’s down 16 percent from last week’s price of $7,425 per coin and down 75 percent from its peak price of $20,000 per coin set in December 2017.
Cryptocurrency prices today hit record low as Bitcoin, Ethereum, Ripple and other coins lost value in the past week.
According to CoinMarketCap, Bitcoin dropped from $17,000 to $13,800 in the past several days.
Ethereum was down from $1,300 to about $1,000 followed by Ripple that lost nearly one third of its value within the same period.
“The total market capitalization of cryptocurrencies has dropped to a two-month low of $550 billion,” reported Bloomberg citing CoinMarketCap data.
Cryptocurrency prices have taken a nosedive.
According to CoinMarketCap.com, the total value of all cryptocurrencies has fallen from $830 billion on January 6, 2018 to $350 billion today, a 57 percent drop.
In just the past week alone, the value of all cryptocurrencies has declined by $200 billion. In other words, in just seven days, investors have lost one sixth of their investment.
The past week has been one of the longest and most painful for the cryptocurrency market this year. After a long period of sideways movement, cryptocurrencies started depreciating in value very quickly.
The so-called “crypto winter” seems to have finally arrived. Bitcoin (BTC), the biggest cryptocurrency by market capitalization, lost around 18% of its value in seven days. Bitcoin is currently trading below $3,500 with a market capitalization of $60 billion. It is important to note that BTC’s price hasn’t been this low since September 2017.
In the beginning of 2018, BTC’s price was fluctuating around $20,000, with some estimates suggesting that the flagship crypto could reach $40,000 or even more in the following months. However, those predictions didn’t come true and BTC lost more than 80% of its value since then.
The cryptocurrency market is undergoing a significant correction. Bloomberg reports that the market capitalization of all digital assets has dropped to $272 billion, which is the lowest level since November 2017.
Bitcoin (BTC) in particular has lost 18% of its value in seven days. At the time of writing, one BTC is worth $6,174 USD, which is down from $7,350 just a week ago. In fact, bitcoin’s price hit a new nine-month low at $5,859 this morning before recovering slightly.
Ethereum (ETH), meanwhile, is trading at $344, having lost 22% over the past week.