Bitcoin Bloodbath Continues: Price Hits $5000, Market Loses $45 Billion 🚨 This article is 6 years old...
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Bitcoin Bloodbath Continues: Price Hits $5000, Market Loses $45 Billion
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Updated: Nov. 7, 2019 at 2:53 am UTC
Photo by Javardh on Unsplash
The market continues on a downward spiral; $45 billion evaporates from aggregate cryptocurrency market capitalization. Bitcoin hits a year-long all-time low of $5000. All cryptocurrencies deep in the red, with XRP as an outlier.
Over the last two months, the market has been relatively peaceful, with primarily sideways movement with Bitcoin hovering at $6300-$6600.
This week, there have been two major cliffs. One on Nov. 14 and another on Nov. 18, bringing the price down from $6300 to a year all-time-low of $5000.
There have been rumors on Reddit and Twitter that these sudden drops could be indicative of a whale or other large token holder participating in price manipulation. It has been mentioned that this may be done with the intention to later “scoop up cheap Bitcoin.”
Over the last seven days, Bitcoin has dropped from $6400 to $5000, a decrease of 22 percent. Overall, the market has fallen from an aggregate market capitalization of $213 billion to $167 billion.
Following the downward trend of BTC, most major cryptos including Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), EOS (EOS), and Litecoin (LTC) have experienced losses between 15-35 percent.
XRP stands as a notable outlier, only sustaining a 5 percent loss in value. The cryptocurrency has held up incredibly well, reaching a 10-month high exchange rate between the BTC-XRP pair.
Bitcoin Market Data
At the time of press 2:53 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is down 9.17% over the past 24 hours. Bitcoin has a market capitalization of $88.71 billion with a 24-hour trading volume of $6.1 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:53 am UTC on Nov. 7, 2019, the total crypto market is valued at at $167.82 billion with a 24-hour volume of $18.77 billion. Bitcoin dominance is currently at 52.85%. Learn more about the crypto market ›
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In this article
Bitcoin
$98,775.30
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,351.38
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
XRP
$1.55535
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Stellar
$0.43981
Stellar is a multi-currency payment backend that tens of thousands of people use every day.
Litecoin
$101.956
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.