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Bitcoin dips below $3700!

Bitcoin dips below $3700!

January 11, 2019 6:10 am,

The price of Bitcoin fell more than 10 percent during yesterday’s trading session as the cryptocurrency erased a large portion of its recent gains. BTC opened the trading hour at a price of $4018, but fell to $3748 before the hour was complete. After the trading sideways, the sell-off accelerated to a low of $3570.

Bitcoin’s current price of $3610 reflects a $37 difference and more than 9 percent drop from its 24 hour opening price of $3995. The current BTC value is substantially lower than $4108, its mid-week high. The sudden and sharp drop brings BTC’s one year losses to more than 70 percent. A total of $6.4 billion of BTC was traded across exchanges as its total market capitalization fell roughly 7 percent from $70 billion to $64 billion. 

Ripple has regained its position as the 2nd largest cryyptocurrency by market cap, overtaking ETH. Moreover the divide between the assets coins has shrinked, with ETH market cap being $13.3 billion and Ripple’s $13.57 billion. Ripple is down over 9 percent on the day, trading at around $0.33 at press time. The current price is lower than $0.364, the price at which the crypto started the week. XRP’s current price is notably lower than its high of $0.381.

Ethereum has seen its value decrease by about 16 percent over the last 24 hours. At the press time, ETH was trading at around $127, having started the day around $151. The weekly chart, ETH current value is significantly lower than $150, the price at which the coin started the week.

The TRON, TRX/USD rate yesterday peaked towards 00306, up 53% for the week after posting five consecutive daily buying sessions. On a 24-hour adjusted timeframe, the pair has posted a whopping 13.56% gain against the US dollar. TRX is also showing strong muscles against BTC. According to an aggregate price index, the TRX/BTC pair has jumped 13.15% to 722 satoshis.

Among the top 20 cryptocurrencies, none are experiencing growth other than the stable coin Tether, which grew by 0.65% in the last 24 hours. The cryptocurrencies reporting the most substantial losses in the top 20 by the market cap are Iota and Neo, which are down by 16 percent.

The combined capitalization of all cryptocurrencies, currently at about $122 billion, is lower than $130 billion, the value one week ago. The current value is also substantially lower than $138 billion. Cardano is the worst performer today, currently printing 18% loss. As it stands, the total cap of the crypto is registering $122 billion, down by 10.2%.

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