After big jump bitcoin plunges below $4,000 again
After finally breaking through $4,000 just yesterday the price of bitcoin staged a complete turnaround today dipping back down well below the $4,000 level. Most cryptocurrencies followed suit with a number losing double digit percentages.
The Cointelegraph report
Over the last 24 hours the top 20 cryptocurrencies experienced a sharp reversal after they had earlier seen major gains. The big drop happened in less than half an hour.
Bitcoin (BTC) broke the $4,150 level early today before dropping back below $3,900 as the Cointelegraph article by Adrian Zmudzinski went to press. Bitcoin was trading at $3,806 a drop of about 10 percent from the mid-day high of $4,210 according to CoinMarketCap data. On a weekly basis bitcoin is now just slightly less than 5 percent higher than $3,632 at which biitcoin opened the week.
The recent rise of the bitcoin price at the beginning of the week led to record BTC futures values on February 19 when there were over 18 thousand contracts traded.
Ethereum and Ripple also fall
Etherium (ETH) remains the second largest cryptocoin by market cap which was $14.5 billion at press time. The next largest is Ripple (XRP) at about $!2.4 billion.
Ethereum like bitcoin suffered big losses almost 9 percent over the last 24 hours according to CoinMarketCap data. At press time it was trading around $139 after starting the day at $148. The present price is down about 16 percent below ETH’s mid-day high of $165. Over the week Ethereum’s value has still increased about 9 percent from the $126 it started the week.
Ripple (XRP) has lost almost 7 percent over the last 24 hours. At press time XRP is trading at about $0.301 a loss of 12 percent below its $0.34 earlier in the day. Over the week XRP is up only a fraction of a percent.
Some cryptcoins are big losers
Of the top 20 cryptocurrencies Litecoin (LTC), Bitcoin Cash (BTC) and Ethereum Classic (ETC) all saw losses of around ten percent up to press time.
The total market capitalization of all cryptocoins reached a multi-month high of nearly $144 billion early today and then lost sharply about $15 billion to reach just $127 billion at press time. In other news, the small country of Liechtenstein is launching a cryptocurrency trading platform subsidiary DLT markets.
24 hours ago bitcoin was trading at $4,167 according to CoinDesk data. Since then the high has been $4,178 but the low was way down at $3,697. At 18:10 Central Standard Time BTC was still trading at just $3,749 way below the $4,000 level once again. Bitcoin is down 8.7 percent on the day or $357. The present price of bitcoin can be found here.
At about 18:30 Central Standard Time Ethereum was at just $133.17 down over 15 percent on the day. XRP has also dropped more at $0.2985 down about 9 percent on the day.
Source: DIGITAL JOURNAL