The world’s largest cryptocurrency Bitcoin hit a fresh new low amid the sharp sell-off in the crypto market. As of 1.00 UTC on December 7, Bitcoin value plunged by 11.46% to $3,306 which is lower than its previous lowest of $3,640, CoinDesk Data revealed.
Bitcoin has lost $4.8 billion of its market capitalization in the last 24 hours, and as a result, it is now down more than $14 million in a week. The downward trend suggests that the traders are pulling out money from Bitcoin and investing into dollars.
As such, this selling move reflects the wider negative sentiments prevailing in the cryptocurrency market. It started a month ago when Bitcoin fell below $6,000, and since then, there is no letup in the trend. CoinDesk data also reveals that Bitcoin has largely erased the gains from its astronomical rise during October-December 2017 and now at $3,306, it is 84.28% down from its life-time high of $19,781. In terms of year-over-year loss, Bitcoin is now down by 64%.
Along with Bitcoin, other cryptocurrencies like Ether, XLM token, and Bitcoin Cash are also facing the market heat. These currencies have fallen between 11–15% and going by the current trend, and there seems no relief for the cryptos in the near future. The total market capitalization of cryptocurrencies has also suffered enormously with value plummeting by $11.5 billion to settle at $110.6 billion on Friday which contrasts starkly with $813 billion recorded on January 8, 2018.