New Bottom: Bitcoin Price Dropped to $4,600
The massive selloff on the market is continuing. Bitcoin price dropped below $5,000 for the first time more than a year. The market capitalization of all cryptocurrencies just slipped to $150 billion.
On November 20, Bitcoin price dropped to $4,594, according to Coinmarketcap. This is the lowest level in more than a year. The last time the BTC cost was at a similar mark on October 9 last year. Then, Bitcoin was worth $4,616, after which, in just a few months, the rate reached a historic high of $19,535.
Other main cryptocurrencies are also experiencing sharp price drop. The XRP price — the second cryptocurrency in the world by market capitalization at the moment — dropped by 0.26% and reached $0.481229, at the time of publication.
Ethereum fell by 16.21% and now costs about $137.29, according to Coinmarketcap.
Bitcoin Cash, which is currently trying to recover from the hard fork, completely lost the pump before updating the network. Now its price has fallen by 44.87% to $207.69.
The overall market capitalization is also falling. At the time of publication, it reached $150 billion. And this is the lowest level since the beginning of October 2017. Although last Wednesday it stood at $210 billion.
- Experts disagree about the cause of the collapse. Some blame the Bitcoin Cash developers war. Others believe institutional investors want to lower prices to an acceptable threshold to enter the market.
- Bloomberg experts believe the current fall is far from the bottom. The BTC may drop to $1,500 already this year.