Bitcoin tumbles 30 percent; below $14K

The value of Bitcoin is down more than 30 percent from the record high of nearly $20,000 it touched last week. In the last 24 hours alone, the crypto currency has depreciated by more than 20 percent.

The prices fell as low as $13,528, according to CoinDesk’s Bitcoin Price Index (BPI). The largest crypto currency has had price drops regularly since Sunday’s gains. The industry insiders suggest that the price could experience continued volatility as 2017 draws to a close. Some have been calling it testing time for alternative currencies, as Bitcoin is not just the only one to depreciate in value.

The second largest crypto currency by market cap, Ethereum, saw 23.58 percent decline in value in the previous 24 hours. The forked coin, Bitcoin Cash too had a significant fall in the last 24 hours, with its value declining by -31.47 percent. It is currently trading at $2491.95, as per the coinmarketcap.com website.

The only gainer among top 10 crypto currencies is Ripple – with gains of 5.41 percent – in the previous 24 hours. All of the top-20 altcoins by market capitalization have recorded highs within the past week.

Yesterday, Bitcoin took another leap towards going mainstream as the New York Stock Exchange filed with the Securities and Exchange Commission to list Bitcoin ETFs.  While, earlier this month, Bitcoin futures have started trading on Chicago Board Options Exchange (Cboe) and CME. The Cboe’s Bitcoin futures contract had a good first week at the Wall Street. The most popular futures contract, expiring in January, appreciated 17.1 percent in the first week of trading.

Amid launch of Bitcoin futures and filing of Bitcoin ETF product by NYSE, the crypto market doesn’t seem to pick. The cumulative market cap of the market now stands at $502 billion. The dominance of Bitcoin has decreased to 45 percent.

 

Also read: Bitcoin: What’s ahead for 2018?

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