The last time Bitcoin hit its current price of $7000 was approximately 50 days ago. As seen earlier in February and March, any drop or rise in Bitcoin’s price has mostly translated to a somewhat similar drop in other cryptocurrencies.
In general, Bitcoin has been on a steady decline since the beginning of the year, going as low as $6700 only to bounce back up again to the $11,000 region amid excitement about the Bitcoin Lightning network going live.
However, its current 42 percent drop from its March 5th high of $11,660 has reportedly triggered a general drop in the entire cryptocurrency market once again by over 70 percent, considering the total market capitalization was at an all-time high of $800 billion at the beginning of 2018, according to CoinMarketCap.
Within the last 24 hours, the top 20 cryptocurrencies have realized a 10 to 20 percent drop in price with most of the coins including Ethereum, Ripple and Bitcoin Cash hitting all time lows since the start of the year.
Ethereum Hits Lowest since November
Ethereum, like most coins in the market, was not spared from the bloodshed that was experienced by the cryptocurrency market as its price similarly dropped as low as $387.85 per ETH.
2018 saw Ethereum reach new heights with its price going as high as $1200 per ETH during a bullish trend in the market. Furthermore, the last time Ethereum was at the $400 mark, the Ethereum community was celebrating news about an upcoming regulated derivatives market specifically for the Ethereum Coin.
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