Today, the whole cryptocurrency market has been experiencing the red as the total market cap is decreased to the $279 billion which was able to come close to reaching the $300 billion mark during the past few days. Bitcoin has been experiencing the bull movement for the last two weeks. It had risen by approximately 45 percent since hitting its low for this year last June at $5,840.
On Tuesday, the price of bitcoin, the world’s largest cryptocurrency in terms of market capitalization, dropped well below $8,000 mark for the fourth time in seven days as the value of the cryptocurrency plunged to its lowest level since July 23.
As of press time and according to the Bitcoin Price Index (BPI) of CoinDesk, bitcoin is averaging at $7,764.44. That figure depicts a drop of approximately 4.9 percent since the day’s open of $8,168.00 and a step above the reported low of $7,677.94 during the same day.
Yesterday, Bitcoin was also in some familiar territory when the price of the cryptocurrency plunged below $7,900, which was followed by a quick recovery that had its price rise to $8200.
According to the Bitfinex Exchange, while the latest turbulence can be perceived as a slight cause for worry for the bulls, bitcoin is still less than 12 hours away from ending a productive month during which – as it presently stands – the price of the cryptocurrency rose by more than 22 percent and has been able to record its most trading volume since February.
Market data shows that other cryptocurrency markets are performing similarly.
At around 2 in the afternoon today, five of the 10 largest cryptocurrencies in terms of market capitalization are posting 24-hour percentage losses that are more than 5 percent. EOS is considered to be the biggest loser of the cryptocurrencies. According to CoinMarketCap, it is Currently recording a loss of 10.36%.
All of the cryptocurrencies with the exemption of Metaverse ETP (ETP) and Binance Coin (BNB) are in the green with small margins.