Bitcoin’s market cap crashes to its lowest level since October 2017

The wider sell-off in the cryptocurrency market that began on Wednesday continues. Yesterday, Bitcoin fell below the psychological $6,000 mark for the second time this year, and reached its lowest level in over a year. On Thursday, Bitcoin’s market capitalization fell below the $100 billion level — the lowest since October 2017.

At 10.30 AM Riyadh time, one Bitcoin’s value was $5,653.11 while the market cap of Bitcoin stood at $98,328,524,636, according to Coinmarketcap.com.

The world’s largest cryptocurrency has tumbled more than 11 percent in the last 24 hours. Yesterday, it dipped more than $500 in less than an hour.

Hussein Sayed, Chief Market Strategist at FXTM, said, “After spending almost two and a half months in the range of $6,000 - $6,800 some traders thought that finally Bitcoin’s price action had steadied. This perception changed on Wednesday and reminded us that cryptocurrencies are still an extremely volatile asset class.”

Overall, the cryptocurrency market has lost $30 billion in 24 hours, from a market cap of $210 billion to almost $180 billion.

Going forward, analysts believe the next couple of days are crucial to determine the cryptocurrency’s movement.

“The plunge in prices will be an important test for digital assets. If prices bounce back in the next couple of days it may signal that Bitcoin and other major cryptocurrencies are finding a price floor, after which investors begin accumulating more digital assets. Failing to do so will lead to a shakeup in investors’ confidence and probable further steep selloffs,” he said.