Bitcoin [BTC] breaches below $5000 mark: Winter is here!

Bitcoin [BTC], the very first cryptocurrency and currently the biggest one by market cap has breached below the $5000 mark, crushing the investors. This is one of the lowest points the cryptocurrency has hit ever since its all-time high.

Unlike the market’s expectations, the currency has decided to take the opposite path than the one it took last year. The coin fell below $5000 on exchanges platforms that have not paired the cryptocurrency with Tether [USDT] such as Coinbase, the biggest cryptocurrency exchange platform in the US, and BitMEX, one of the biggest cryptocurrency exchanges in the market. Bitcoin reached almost $4950 before bouncing back on top to trade just above the $5000 mark.

On exchanges such as Binance and Bitfinex, wherein all the cryptocurrencies are paired along with Tether [USDT], Bitcoin is trading at a premium price of hovering around $5100.

According to CoinMarketCap, at press time, the cryptocurrency has a market cap of 88 billion. Additionally, it has a trading volume of more than $5 billion and has plunged in the market by 9% in the past 24 hours.

Along with Bitcoin, all the other cryptocurrencies are also bleeding in the market. Moreover, they have also touched their all-time low. This includes Ethereum, the third-biggest cryptocurrency by market cap, losing over 12.52% of its value. Litecoin, the seventh-biggest cryptocurrency in the market, losing over 12.68% of its value and Monero which has plunged by 15.04% in the market.

Peterepeat69, a Redditor said:

“It’s a serious dump for quite some time with a dead cats bounce this dump will be different to every other we have seen and continue south.. if you want to have some kind of Xmas put your money in your bank, it’s safer there.”

Smallbluetext, another Redditor said:

“Capitulation. Gonna be a slow trend down before it slowly turns around again. It’s been almost a year of this downward trend guys wake up. The next bull run is not as soon as you’d like but with patience you’ll get there.”

Mike, a Twitterati said:

“Funny how people think this is a buying opportunity and then 3 months later lose all their money”