Below $4K: Bitcoin Price Hits 400-Day Lows

The price of bitcoin fell below $4,000 for the first time today since September 27th of last year.

At around 16:20 UTC Saturday, the world's largest cryptocurrency by market capitalization sank to an average price across exchanges of $3,970.43, a figure 7.5 percent lower than the day's opening price of $4,298.83, according to Coindesk’s Bitcoin Price Index.

At $3,745.89 as of press time, BTC’s price is now down more than $1,700, or 30 percent, in the past seven days alone and 81 percent from its all-time high of roughly $20,000, set back in December.

While several well-known cryptocurrencies are posting positive 24-hour price developments when valued against BTC, including the likes of XRP XRP$1.4893, ethereum ETH$2,146.86 and dash DASH$39.29 which are all up more than 2 percent in BTC terms, the broader market is still experiencing substantial losses vs. the USD.

Out of the world’s 10 largest cryptocurrencies, BCH$534.08, stellar (XLM), monero XMR$380.88 and ADA$0.2868 are the worst performers, all reporting 24-hour losses above 10 percent (vs. USD), according to data from Coinmarketcap.

An effect of the plummet in cryptocurrency prices is a significant depreciation in the capitalization of the entire market. Just seven days ago, the market was valued at $182 billion, but that number has since fallen $54 billion, or 30 percent to where it now stands at $128 billion, its lowest value since September 2017.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Man hanging on edge of mountain image via Shutterstock;