The Bitcoin price (BTC/USD) has plunged more than 10% since the start of today’s trading amid a massive market-wide sell-off.
The decline started in yesterday’s session, during which the original currency fell from an intraday high of $17,567.70, to a close of $15,802.90. The freefall continued in the early hours of today’s trading, with Bitcoin hitting $12,874.20, its lowest price level since December 5, according to data from cryptocurrency tracker Coinmarketcap. The Bitcoin price has edged higher in more recent trading and is currently hovering around $13,800.
The downtrend is affecting the cryptocurrency market as a whole, with all major digital coins posting heavy losses. At the time of writing, Ripple was the only top 40 cryptocurrency posting gains over the 24-hour period.
The current sell-off is taking place in the same week that saw all cryptocurrencies in the top 20 posting fresh all-time highs. Bitcoin’s brief break above $20,000, as per Coinmarketcap data, Ripple’s first foray over $1 and Ethereum’s unsuccessful attempt at $900 were just some of the highlights of the week, which also saw the cryptocurrency market’s total value surpassing $600 billion for the first time in history. At the time of writing, the market cap stood at $517 billion, down more than 20% from yesterday’s record of $654 billion. Bitcoin’s total value represents around 44.7% of the total market cap.
In today’s trading, the Bitcoin price stood at $13,883.10, as of 09:45 GMT. The original cryptocurrency has lost 18.1% of its value in the past 24 hours, according to Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.