Bitcoin Drops Below $3.4K to Set a New 2018 Low
The sell-off has continued to plague the world’s best known cryptocurrency since its most recent rapid depreciation from the $6,000 mark almost a month ago, taking most of the alt-coins along with it.
Bitcoin’s market capitalization has also dropped by $4.8 billion over a 24-hour period and is down more than $14 billion on the week, indicating a shift by traders away from crypto’s first-mover back to fiat as hope in a crypto reversal wanes for this year.
According to CoinDesk data, bitcoin has now erased the largest portion of its October, November and December 2017 bull run gains and is effectively down 84.28 percent from its all time highs of $19,781.
Bitcoin is also down 64 percent year-over-year, having dropped hard from each successive lower highs.
Total market capitalization of all cryptocurrencies fell sharply as well, wiping away another $11.5 billion to stand at $110.6 billion on the day, a far cry from $813 billion seen on Jan. 8, CoinMarketCap data shows.
Disclosure: The author holds USDT at the time of writing.
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