Bitcoin price falls below $4,000, as cryptocurrency market continues to plummet
Bitcoin price falls below $4,000
Bitcoin (BTC), the number 1 ranked cryptocurrency, hit a 14-month fresh low over the weekend when its price sunk under $4,000, according to CoinDesk.
The last time when Bitcoin price fell below $4,000 was in September 2017. Other cryptocurrency tokens like ether and Litecoin too suffered double-digit percentage drops within a 24-hour period.
Bitcoin, also known as a highly-volatile currency, had one of the worst prices drop last week since its bubble burst at the start of this year.
It’s price when particularly dropped to $3,667.92 represented a loss of 15.5% and its lowest in the last 24 hours. Bitcoin lost nearly a third of its value in seven days, which was down more than 35 percent.
According to CoinDesk, the market was valued at $182 billion, but that number has since fallen to $54 billion, and it now stands at $128 billion, its lowest value since September 2017.
During December 2017, the Bitcoin price had reached a golden phase when it touched the $20,000 threshold.
However, earlier this year, the value of Bitcoin dropped below $8,000, as the global cryptocurrency landscape shifted. In fact, till last month, prices were hovering around the $6,000 point.
As we can see, the price of Bitcoin has been seeing a downward trend over the last 11 months. Will the value of Bitcoin continues to fall further or will it be able to recover from its downfall, remains to be seen.
The author Kavita Iyer
An individual, optimist, homemaker, foodie, a die hard cricket fan and most importantly one who believes in Being Human