Crypto Markets: Bitcoin Slumps to a 420-Day Low Amidst Raging Sell-off

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Photo Credit: Ftreporter

The current sell-off in the crypto markets doesn’t seem to be relenting as the majority of the top cryptocurrencies are seeing some significant losses. Bitcoin, the leading cryptocurrency by market cap has for the first time since September 27th of last year fallen below the $4,000 price mark.

Although, the leading crypto asset by market cap for some days now has held strongly to the $4,000 price mark, Bitcoin saw its price decline from $4,000 to $3,940.43 at around 16:20 UTC Saturday. What this means is that Bitcoin is down 7.5 percent when compared to the day’s opening price of $4,298.83. And while many commentators believe that Bitcoin will bottom at $3,000, the current sell-off is quite alarming.

As at the time of putting together this report, BTC is reportedly now down by over $1700 in the last 7 days. Not just that, compared to December last year when the price of Bitcoin was $20,000, Bitcoin is now down by over 81 percent.

Elsewhere, the crypto markets are currently experiencing a bloodbath that will no doubt force many week hands to relinquish their portfolio. As a matter of fact, Ripple (XRP), Ethereum (ETH) Litecoin (LTC) and other crypto assets are neck deep in losses. Ethereum, the third leading cryptocurrency by market cap is down by almost 15 percent and now exchanging for $104, Litecoin is also down by 14 percent and now exchanging for $27. Ripple which had for some days now held on quite tightly to its support at $0.45 is now down by 15 percent and currently exchanging for $0.34.

While the sell-off continues to rage on, the fall in cryptocurrency prices has also affected the total market capitalization for the whole cryptocurrency markets. Just a week ago, the entire crypto markets was valued at $182 billion, however, the recent sell-off now means that the market has now lost over $54 billion as the total market capitalization now stands at $128 billion, its lowest since September last year.