During thursday’s trading session the cryptocurrency erased a large portion of its recent gains as the price of bitcoin fell more than 10 percent.
Bitcoin fell to $3,748 before the hour was complete after at 6:00 UTC, it had opened the trading hour at a price of $4,018. According to CoinDesk pricing data, the sell-off accelerated to a low of $3,57, after trading sideways until 16:00 UTC. CoinDesk data has revealed that, Bitcoin’s current price of $3,610 reflects more than 9 percent drop and $367 difference and from its 24-hour opening price of $3,995.
A total of $6.4 billion of bitcoin was traded across exchanges, in the last 24-hours as its total market capitalization fell roughly at 7 percent from $70 billion to $64 billion. In its latest dip Bitcoin has been accompanied by the broader market as it usually does when the Bitcoin markets show weakness.
According to Crypto-Economic Explorer (CEX) of the CoinDesk, with several extending depreciation beyond 15 percent including litecoin (LTC), neo (NEO) and cardano (ADA), 18 of the 19 tracked cryptocurrencies are reporting double-digit 24-hour losses.
Currently printing an 18 percent loss, Cardano is the worst performers today. According to CoinMarketCap, although down with 10.2 percent on the day, as of now the total capitalization of the cryptocurrency market is registering $122 billion.