Bitcoin continued to plunge overnight—briefly dropping below $35,000 to a low of $34,420 on CoinMarketCap—before beginning a slow rebound on Saturday morning.
It's still down almost 10% over the past 24 hours, according to CMC, and is currently priced at just under $35,000.
Bitcoin's 24-hour low of $34,020.27 saw the cryptocurrency tumble to levels it hadn't previously touched for six months, back in July 2021.
After hitting an all-time high on November 10 last year of $69k, Bitcoin’s price has slowly slipped, picking up its sell-off in recent weeks.
And it's not just Bitcoin, either. Ethereum, the second-largest cryptocurrency by market cap, is also suffering: its price has taken a 15% hit in the past 24 hours, trading at just under $2,400 at the time of writing.
Ethereum, Solana Hit Four-Month Lows as Metaverse Tokens Tank
The bleeding hasn’t stopped: following a sizable drop in cryptocurrency prices on Thursday that only worsened as the day went on, the market is sinking even deeper into the red today. And top coins are hitting their lowest prices in months. Bitcoin (BTC) dropped as low as $37,664 early Friday, according to data from CoinGecko, marking its lowest price since late July—nearly six months ago. It’s up slightly as of this writing, to $38,356, but has still suffered an 11% loss over the last 24 hours....
Ethereum, like Bitcoin, is well off the all-time high it touched back in November of $4,878.26—by 49%. Popular tokens that run on the Ethereum network have not been able to avoid the sell-off in the past 24 hours.
'Meme coin' Shiba Inu, the 16th biggest digital asset by market cap, is down over 24% in the past day, while Chainlink, another leading ERC20 token, is down over 20% in the past 24 hours, trading at around $15.
Meanwhile, Ethereum competitor Solana, which had a mighty boom last year, and seemingly sprung out of nowhere to land in the top 10 cryptos by market cap, is down 23% in the past day, trading at just under $94.
When will the bloodbath end?
