The day doesn’t start well with Bitcoin dropping below $8,000 this morning.
Bitcoin suffered a low last week, but traders became optimistic when the cryptocurrency started to aim at $10k again. However, the price index shows that as at press time, BTC traded at $7,811.22. This shows a decline of more than $300 from the previous day. This is the lowest low the cryptocurrency has suffered since February 11th when it hit $7,845.13.
Is Bitcoin The Only Loser?
The unfortunate drop in the price is clear evidence of a weak market for Bitcoin and other cryptocurrency assets this March. After the blow BTC suffered in February, everyone interested was hoping for a positive come back this March.
Bitcoin isn’t the only cryptocurrency that is suffering these loses. Other major products including Ethereum’s ether has suffered a drop in price. For the first time since the middle of February, Ether went as low as $600. As at the time this piece was written, ether was trading at $588.32 which indicates up to a 4% decline.
Another loser in today’s market is the XRP which fell as low as $0.65 at press time even though it traded above $0.70 earlier in the day.
Apart from Bitcoin, Ethereum And Ripple’s XRP, up to twenty other major cryptocurrencies have fallen by up to 10% within just 24 hours. Some have even gone lower than 15%. Some of the cryptocurrencies that are trading below 20% are iota, NEO gas, icon, XEM, Lisk, Cardano, and chain.
The reports from CoinMarketCap show that all cryptocurrencies are experiencing a set back with their total market capitalization being at the lowest point it has been since February 6th. At this point, it is difficult to predict what the weekend will hold.