Bitcoin price (BTC/USD) drops below $11,000 amid broader crypto slump
Cryptocurrency

Bitcoin price (BTC/USD) drops below $11,000 amid broader crypto slump

Bitcoin price (BTC/USD) drops below $11,000 amid broader crypto slump

The Bitcoin price (BTC/USD) has dropped to an 11-day low amid a larger cryptocurrency downtrend that has affected many digital coins in the past 24 hours.

The original cryptocurrency had a relatively quiet morning session yesterday, with its price mostly hovering around the $11,350 mark. However, after dropping below the $11,300 level in late morning trading, the digital coin started moving on a downward trajectory, which led to its first fall below $11,000 in eight days. The coin fell to as low as $10,830.33, before finishing the session at $10,895.83, well below its opening price of $11,385.05.

BTC has seen further losses Wednesday. Having been on a steady decline since the start of the session, the coin is currently hovering just below the $10,600 mark. According to data from digital currency tracker Coinmarketcap, this is Bitcoin’s lowest price level since August 3.

Broader downtrend

The broader digital currency market has largely followed a similar downtrend, although some coins have managed to resist the selling pressure. The oldest BTC offshoot, Bitcoin Cash (BCH), is the best performer in the crypto top 10, having gained 4% in the past 24 hours. Bitcoin SV (BSV), the coin that split off from the BCH blockchain last November, has also amassed solid gains. Meanwhile, the privacy-focused coin Monero (XMR) has dropped out of the top 10, as a result of its value decreasing by more than 7% over that period. Bitcoin and Binance Coin (BNB) have been among the other notable losers.

In today’s trading, the Bitcoin price stood at $10,598.73, as of 09:09 BST. The digital currency has lost 6.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $189.4 billion, which represents 67.5% of the combined value of all digital currencies.

Featured image: chanchai howharn / Shutterstock.com

More Resources

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.