Bitcoin Dips Below $20,000 Once Again

For the third time in as many weeks, Bitcoin fell under $20,000 in late Wednesday trading, extending the June doldrums in crypto to the very end of the month.

The value of a Bitcoin hit $19,984 at around 9:24 p.m. EDT, according to CoinMarketCap, and resurfaced above $20,000 less than 20 minutes later. Shortly after 2:30 a.m. on Thursday, BTC slid hard to $19,387, a market cap drop of more than $16 billion within 12 hours. Bitcoin accounts for more than 42 percent of the overall crypto market.

BitcoinBTC · USD

$76,061−3.7%

24H7D1M1YYTD

08:00 PM02:00 AM08:00 AM01:45 PM07:45 PM

$79.4k$78.2k$77.0k$75.8k

24h HighHigh$79,530

24h LowLow$75,038

VolVol$1.7B

Market projectionsOdds by Myriad

TodayAbove $76,000Above $76k52% chanceThis weekAbove $76,000Above $76k50% chance

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

The price of Bitcoin has dipped below $20,000 at least twice before this month: Tuesday evening and this morning, and more dramatically two weeks ago, when the leading cryptocurrency breached the much-watched threshold after wavering below $25,000 for five days.

In prior bear markets, Bitcoin had never before fallen below the prior bull run's peak, which was $19,783.21 on Dec. 17. That barrier was broken on June 17, with BTC hitting a low of $17,744 the next day.

Ethereum, which started the month at $1,960, dwindled as low as $897 on June 18, but has so far held above $1,000 for the last ten days.

The crypto market is a far cry from where it was at the end of 2020. On Dec. 16 of that year, $20,000 marked an all-time high. At the start of this year, an 11% drop in the value of Bitcoin to $42,000 was called a "brutal week." Both Bitcoin and Ethereum were down over 50% by May.

The overall crypto market cap stands at $868 billion as of this writing. It briefly surpassed $3 trillion in November 2021.