Bitcoin’s price is close to its lowest point of the year. After it slipped down at $6,000 due to cryptocurrency sell-off.
Also, rival coins such as ether and XRP fell alongside bitcoin.
The shocking thing is that the total market capitalization of all cryptocurrencies fell $21 billion in 24 hours.
Bitcoin fell below $6,000 late Monday — for the first time since June — against a backdrop of cryptocurrencies declining in value.
The world’s largest digital currency by market value tumbled as low as $5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges.
The cryptocurrency’s price is close to its lowest point of the year. The lowest level of 2018 was reached in June 18, when it retreated to $5,785.
Rival coins ether, the digital token of the ethereum blockchain, and XRP, Ripple’s digital asset, fell alongside bitcoin. Ether toppled almost 6 percent to around $270 at 1:53 a.m. ET, while XRP fell 5.7 percent to a price of 26 cents.
The latest rout among digital coins followed a rally last month that saw bitcoin climb to a price above $8,000. News of institutional interest in the space by the likes of asset management giant BlackRock, as well as a collaboration between New York Stock Exchange owner Intercontinental Exchange, Starbucks and Microsoft on a digital asset platform, had lifted sentiment in the market.
It resulted in the total market capitalization of all cryptocurrencies — worked out by multiplying the prices of the digital assets by the total volume of coins in circulation — falling by $21 billion in the last 24 hours.