The value of Bitcoin (BTC) has been on a continuous downward trend for the past few days. The entire crypto market is at a very tight corner, as almost all the coins in the market are deep in the red. The value of Bitcoin (BTC) recently declined below the $5k level – a value the digital currency hasn’t tested since October last year.
While investors and traders are expecting the best, with hopes that most cryptos have reached their bottom, the plunges in the market still continue. The decline is getting worse, and many wonder if there is still hope for the digital currencies.
While their underlying technology – blockchain – has continued to excel, digital currencies are struggling to survive. The ongoing crash in the crypto market has been attributed to a number of factors and events. However, no one can pinpoint the exact cause of the free fall. While many blamed the crash on the split on Bitcoin Cash network, the issue on the network has been resolved, but the plunge still continues.
Bitcoin (BTC) Hits a 420-Day Low
After declining below the $5k level and trading around the $4k level for a few days with support at the $4k level, Bitcoin (BTC) has plunged deeper. Bitcoin (BTC) just broke its support at the $4k level, a trend which was last seen on the 27th of September last year.
On Saturday evening, the value of the largest digital currency in the world by market cap declined below $4,000 to about $3,900. That’s a value 8 percent lower than what it started the day with.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the value of Bitcoin (BTC) has plunged further to $3,852 after losing more than 12.5 percent of its value over the past twenty-four hours. The value of Bitcoin (BTC) is now down by more than 30 percent over the past seven days. The market cap of the digital currency has also sunk to $67.01 billion with a trading volume of $4.70 billion over the past twenty-four hours.
The Crypto Market Is Experiencing Losses against the U.S Dollar
When valued against Bitcoin (BTC), some top digital currencies, such as XRP (XRP), Dash, and Ethereum (ETH) are doing pretty well and seeing gains. Some of them are up by more than 5 percent over the past twenty-four hours when matched against BTC. However, when valued against the U.S dollar, almost all coins in the market are bearing losses.
Among the top ten largest digital currencies in the market, Bitcoin Cash (BCH) is the worst performer. It is accompanied by Stellar Lumens, Cardano (ADA), and Monero [XMR]. Bitcoin Cash (BCH) has declined by almost 17 percent over the past 24 hours and 55 percent over the past 7 days.
The decline in the value of digital currencies has also affected the market cap of the entire crypto market. About a week ago, the market cap of the entire crypto market was $182 billion. At the moment, the market now stands below $128 billion, which is a decline of more than 30 percent over the past seven days. This is the lowest the market has ever been since September last year.