Bitcoin price plunges by 17% in 24 hours, Ether down by 16%

17:07, 04 December 2021
Bitcoin price plunges by 17% in 24 hours, Ether down by 16% Photo: pixabay

The most popular cryptocurrency in the world dropped weeks after reaching its historical peak in November.

Bitcoin lost around $10,000 of its value in the last 24 hours, dropping to $43,000-45,000 at its low point. It is currently being traded at about $47,000, according to coinbase.

The second-largest crypto on the market Ethereum has also plummeted in the same period, losing 15.9% or over $700 and is now valued slightly below $4,000.

The overall crypto-market capitalization went down by 15% and makes for the moment over $2.3 trillion. On November 8 the market which consists of almost 12,000 types of currency surpassed the emblematic threshold of $3 trillion.

The value of cryptocurrencies plunged as stocks pulled back and holders launched a broad selloff triggered by the news of the slackening US economic growth, as well as by the spread of the new COVID strain dubbed Omicron and the following restrictions.

The price of Bitcoin has recently beat its record after reaching $69,000 per unit after experiencing an unstable period caused by a possible default of indebted Chinese developer Evergrande and protests staged in El Salvador as the crypto was declared a payment instrument.