Bitcoin price plunged to a six-week low on Wednesday amid a continued downturn in wider cryptocurrency markets.
It has been a turbulent week for cryptocurrency markets and bitcoin, the world’s first cryptocurrency and largest by market cap, struck a low of $9633 (Bitfinex).
Data from CoinMarketCap shows the total value of all bitcoins mined at $170 billion at the lowest point today, nearly half the value of the cryptocurrency’s market cap a month ago to the day.
The wider market also resembles a bloodbath, with only five out of the top 100 cryptocurrencies fighting the tide make gains over the past 24 hours. Prominent tokens like Ripple and NEM have lost as much as 25 percent and 31 percent respectively.
Since Monday’s trading, the correction in cryptocurrency market sees the overall market capitalization of all tokens lose over $250 billion at the lowest point this week, down to $450 billion. At the time of publishing, bitcoin is back up trading near $10,500 while the combined market climbs to near $475 billion.
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Last modified: May 20, 2020 9:10 PM UTC