Bitcoin Drops Below $5,000 as Prolonged Bear Market Continues
The price of bitcoin briefly dropped below $5,000 as 2018’s bear market refuses to quit. As we go to press, bitcoin’s price sits at $5,045, a drop of 8.9% over the last 24 hours. Last week, bitcoin was sitting at $6,400. Over the last seven days, however, bitcoin’s price has continued to drop.
Late last week, bitcoin hit a one-year low with a price of $5,500 – a price that hadn’t been seen since October 2017. Now, bitcoin has retreated even lower, dropping below $5,000 at various points during the day.
At its lowest point, bitcoin reached a price of $4,951.47 before climbing once again above $5,000. Other crypto prices have witnessed similar slumps. Ethereum is down 12.64% over the last 24 hours, currently sitting at a price of around $154.
Bitcoin Cash, which is currently going through a hashwar to determine which ruleset gets to claim the BCH title, has dropped 9.9% in the last 24 hours, falling to $346.
XRP has remained surprisingly stable, dropping “only” 3.79% over the last 24 hours. XRP has remained one of the few success stories over the last few months, remaining relatively stable at a price of around $0.49. Today, XRP is the second largest cryptocurrency by market cap. XRP recently opened up a $4 billion market cap lead over the former number two, ETH. Today, XRP has a market cap of $19.95 billion compared to ETH’s $15.9 billion market cap.
2018’s bear market continues to get ugly. Some believe this is the bottom. Others believe that we still have more room to fall.
Could BTC prices in the $4,000s be the new normal moving forward? Or did bitcoin bottom out at $4,950? Time will tell whether this bear market continues – or if we’re on the precipice of a record-setting bull run.