Below $5K: Bitcoin Drops $500 to Set New 2018 Low

Bitcoin dropped below $5,000 for the first time in over 13 months on Monday.

CoinDesk price data reveals the world’s largest cryptocurrency by market capitalization fell to $4,981 shortly after 16:30 UTC on Monday, signifying a dollar-decline of more than $500 for the day when the move occurred.

That’s the lowest figure since Oct. 12, 2017, and as of press time, the price has recovered somewhat to $5,048 – still signifying a decline of more than 9 percent. 

The broader cryptocurrency market accompanied BTC in its steep sell-off and has shed more than $15 billion in total market capitalization in the last 24 hours.

Many cryptocurrencies are faring worse than BTC, including the likes of ether (ETH), litecoin (LTC) and EOS, all of which are posting 24-hour losses above 10 percent.

According to data from OnChainFX, some of the biggest losses of the day include Aragon, LBRY Credits and ZClassic, all of which have seen price declines in excess of 20 percent in the past day.

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

Roller coaster image via Shutterstock

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