Bitcoin’s price has slipped below $8,000 on Wednesday, reaching its 35-day low since Apr. 18 within just an hour after the trading entered morning session (UTC), data from CoinDesk’s Bitcoin Price Index shows.
After steadily climbing up to nearly $10,000 on May 6, the price of the world’s largest cryptocurrency by trading volume has been on a gradual decline since then towards a current low at $7,876, reflecting a 20 percent drop over the past two weeks.
The price has bounced back slightly to $7,910 as of press time. That said, the current price still shows a 30 percent premium over bitcoin’s lowest point this year at $5,947 seen on Feb. 5.
Meanwhile, bitcoin’s price drop also coincides with a wider market sell-off. According to data from CoinMarketCap, the market capitalization of all cryptocurrencies is also at its one-month low with $352 billion changing hands.
In fact, nearly all of the top 100 assets by market cap are showing 10 to 20 percent declines.
According to CoinMarketCap, among the world’s largest five cryptocurrencies, both XRP of Ripple and bitcoin cash are seeing their one-month low at $0.63 and $1,120 respectively.
Meanwhile, the price of ethereum and EOS are also facing a seven to eight percent plunge as of press time.
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