As Crypto Market Dips, Bitcoin Price Drops Below $10K
According to the latest cryptocurrency news, Bitcoin price has dropped over 8 percent in the past two days. In December 2017, considered as the most famous cryptocurrencies in the world, Bitcoin’s price surged to a high of almost $20000 before finally plunging in January 2018 in a ‘crypto-apocalypse’.
Currently, the price of Bitcoin is $9990, dragging down most of the major cryptocurrencies with it. According to sources, Ripple dropped beneath $1 after losing 10% of its value in 24 hours. At the same time as Ripple, Ethereum hit a low of just over $800 after also slipping by 10% and Litecoin dropped by the same percentage to a low of almost $190.
As of 21st February 2018, it was reported that the major selloff was to blame for a drop in the price of Bitcoin. CoinDesk reported that Ripple has added five new payments clients in four countries. Furthermore, San Francisco-based start-up has also released white papers hinting at an upgrade for the underlying technology of XRP. However, due to the recent drop in price, this good news has been ignored by the markets or is being overlooked by the broad-based losses in crypto-space.
In the meantime, the few gaining tokens are all outside the top 10 cryptocurrencies, which includes small caps such as Nano (up 8.15 percent in last 24 hours) and Dentacoin (up 2.48 percent).
Coinmarketcap reports that the total value of all cryptocurrencies taken together stands at $445 billion – down to almost 15 percent from the high of $519 billion seen on 18th February 2018. However, that’s still 61 percent above the 6th February 2018 low of $276 billion.
Keep reading iTMunch for more such updates about cryptocurrency news!