Bitcoin’s cost has dropped below $8, 000 on Wednesday, reaching its 35 day low since Apr. 18 within only a hour following the trading entered session, info from CoinDesk’s Bitcoin Price Index shows. After steadily rising up to almost $10, 000 on May 6, the price of the world’s biggest crypocurrency through trading volume has been on a gradual decline since then towards a present low at $7, 876, representing a 20 percent fall over the last two weeks. The cost has bounced back slightly to $7, 910 as of press time.
That said, the present cost still shows a 30 percent premium over bitcoin’s lowest point this season at $5, 947 seen on Feb. Meanwhile, the bitcoin’s price fall also coincides with a broader market sell off. Based on data from CoinMarketCap, the market capitalization of cryptocurrencies is also at its 30 days reduced $352 billion changing hands. In reality, nearly all the top 100 assets by market cap are showing 10 to 20 percentage declines. According to CoinMarketCap, among the world’s greatest five cryptocurrencies, both XRP of Ripple and bitcoins money are seeing their 30 days low at $0.63 and $1, 120 respectively.
In the mean time, the price of ethereum and EOS is also experiencing a decrease of seven to eight percent of the press time. Image via CoinDesk archive. The leader in blockchain news, CoinDesk is a media outlet that tries for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.