Bitcoin in a Whirlwind Down: Breaks Below $7K to a 50 Day Low
Bitcoin is trading at its lowest price after breaking below $7,000 since February 7th this year.
According to Bitcoin’s price index, the world’s largest cryptocurrency is hovering around $6700 in a move that saw a steady decline from $8000 since the start of the month; a whopping 15% deep within the day.
This puts Bitcoin at a 51 day low, down 42 percent from its recent high of about $11, 660, and a large 60 % drop in value from the record year high of $17,144 on Jan 7th 2018.
However, the Feb 6.low of $5,947 still remains a psychological level. A break of that low could signal a further decline in the digital asset.
The drop has also seen a broader market decline from other cryptocurrencies with ethereum, litecoin and ripple leading the way.
Statistical data from CoinMarketCap shows that the market capitalization of all cryptocurrencies stands at a three-month low of $256 billion which represents an alarming 70% decline from its year high of $800 billion in January.
Within the last 24hrs the top 20 tokens are all showing a 10 to 20 percent selloff.
As reported the second to fourth cryptocurrencies have all hit 2018 lows in terms of trade volume. Earlier today the price of Ethereum broke below a major downside hurdle “$400” the first time since November last year.
What are your thought about the current market situation? Will it ever recover?