- Bitcoin drops near its lowest price level of the year as other cryptocurrencies dip alongside.
- The total market cap for all cryptocurrencies dropped by $21 billion within 24 hours.
Crypto world: Bitcoin, the largest cryptocurrency by market share, has fallen below $6,000 for the first time since June ending. Other major cryptocurrencies have followed the trend by declining in value.
According to a report, bitcoin drops to about $5,900 on Monday night, this is about a 4 percent drop from its current price. However, Bitcoin later rose to about $6,100 on Tuesday morning.
Last June, the price of Bitcoin was about $5,700.
According to data from MarketCoinPrice, as at 9:00 a.m. ET today, the top 100 digital currencies by market cap had dropped in price, and the total market cap of all cryptocurrencies had fallen by about $21 billion within 24 hours.
Ether, the cryptocurrency of the Ethereum blockchain, dropped by about 7 percent to its lowest price of $267.61 since September. Ripple’s XRP dropped by 4.3 percent to $0.27.
Just last month, Bitcoin saw a rally that pushed its price above $8,000. This may be connected to the news of institutional interest in cryptocurrency, as well as the partnership between Microsoft, Starbucks, and Intercontinental Exchange on a cryptocurrency platform.
The CEO of CryptoCompare, Charles Hayter, stated that the decline in the prices of cryptocurrencies was backed by the delay in the bitcoin exchange-traded fund (ETF) proposed by Solid X and VanEck. He added that the proposed Bitcoin ETF is approved, that ETF would be the first to track crypto assets.
Charles described the downward movement experience by cryptocurrencies on Monday as “momentum-based selling following the ETF kickback, [and] the usual gyrations of a market in a depressed mode.”
Though Bitcoin has slightly recovered from the fall and recovered its market dominance, several other cryptocurrencies still maintain their dropped price. Nevertheless, the price of bitcoin is still about 70% off its all-time high of about $20,000 late last year.