This isn’t the best times for traders in the crypto markets as the massive sell-off been experienced has seen the prices of the majority of cryptocurrencies plummet to an alarming low. The leading crypto assets by market cap, Bitcoin has dropped below $5,000 for the first time in 13 months with many crypto commentators stating that bears now have full control of the markets.
Recent data released by some of the major crypto platforms showed that the leading cryptocurrency by market cap, Bitcoin fell to $4,981 just after 16:30 UTC on Monday. This new sell-off now means that the leading cryptocurrency, Bitcoin has seen a price decline of more than $500 in the last 24 hours.
For many people who have been following the happenings in the cryptocurrency industry, you’ll agree that this is the lowest point the major cryptocurrency has touched since Oct. 12, 2017. As at the time of putting together this report, Bitcoin has further plummeted and now trades for $4,610.
Similarly, total market capitalization for the cryptocurrency market is also seeing a huge decline in the wake of the recent sell-off been experienced. As at the time of putting together this report, total market capitalization has dropped by more than $15 billion, another low record that hasn’t been seen in the crypto markets for a while now.
Not just Bitcoin, other cryptocurrencies are also neck deep in losses even more than the leading cryptocurrency. The likes of Ethereum (ETH) Litecoin (LTC) and EOS has seen significant losses in the last 24 hours with many of them printing losses of more than 10%.
According to data released by OnChainFX, some of the biggest losses of the day came from crypto assets like Aragon, LBRY Credits and ZClassic which have all seen significant losses, as a matter of fact, some of them printed a price decline of more than 20 percent in the last 24 hours.