Just when you thought Bitcoin was recovering at $8,500 and building momentum towards $10k, it slipped to its lowest since April 18. Just about an hour into the May 23 trading session, Coindesk‘s price index data showed that the world’s largest cryptocurrency started to fall, and slipped below $8,000, a 35 day low!
After steadily mounting up to nearly $10,000 on May 6, Bitcoin’s has been on a gradual downturn since. The current low at $7,876 reflects a 20% drop over the past two weeks.
The price has marginally risen back to $7,962 at press time.
Bitcoin’s price drop coincides with a wider market sell-off. The market capitalization of all cryptocurrencies is in fact at its lowest in 30 days with $352 billion changing hands, according to CoinMarketCap.
According to CoinMarketCap, among the world’s largest five cryptocurrencies, both XRP and Bitcoin cash are trading at a one-month low at $0.63 and $1,120 respectively. In fact, nearly all of the top 100 assets by market cap are showing 10 to 20 percent declines at press time.
Given all that decline, Bitcoin’s current price is still miles above (30% to be precise) the lowest point we saw this year, on February 5: $5,947