As volatile as it can be, the price of Bitcoin has fallen to below $10,000 for the first time since early December. This made it worth just over half of its peak value.
The cryptocurrency opened at $11,348, according to CoinDesk, and later dropped by almost 19 percent in just 24 hours. As a result, more than $30 billion was shaved off the cryptocurrency's market value.
The case went similar to other cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin, as they have also posted deep losses of between 30 to 40 percent, according to data from CoinMarketCap.
The worst performer was BitConnect cryptocurrency, which has plunged more than 90 percent since shutting down its exchange platform.
This resulted in a massive drop by more than $200 billion in the collective market capitalization of all cryptocurrencies.
The price of the cryptocurrency’s price increased as more and more investors poured their money into the hype.
Bitcoin had a great year in 2017, starting at around $800 in the beginning of the year and steadily gaining value, before touching an all-time high of $19,783, only about a week after :it reached $15,000. But it has since been on a gradual decline.
Cryptocurrencies are notoriously volatile. There have been crackdowns on cryptocurrencies in several countries.
Market analysis suggested that the price could either shift up or down, depending on regulatory developments, especially from South Korea, China, and even minor headlines from France and the U.S..
