Bitcoin price (BTC/USD) drops below $12,000 amid market-wide correction
The correction has also been felt across the wider cryptocurrency market, with major altcoins including XRP, EOS, Bitcoin Cash (BCH) and Litecoin (LTC) having seen double-digit-percentage losses over the most recent 24-hour period. The second-largest digital currency, Ether (ETH) is now trading at just above $300, down from its Wednesday high of $361.40.
Even with the recent correction, Bitcoin seems to be on its way for a fifth consecutive monthly gain. At current price levels, is up more than 37% so far this month.
Recent developments such as Facebook’s plan to launch its own cryptocurrency, as well as growing geopolitical tensions, have helped the crypto market make a turnaround after a disastrous 2018. Jim Reid, Deutsche Bank’s multi-asset analyst, wrote in a note to clients that the “scale of the recent appreciation is striking”.
“Obviously recent dovishness from central banks has seen investors look towards alternative currencies, but perhaps Facebook’s unveiling of its Libra currency has seen investors look again at cryptocurrencies with fresh eyes,” Reid wrote, as quoted by CNBC.
In today’s trading, the Bitcoin price stood at $11,937.97, as of 11:09 BST. The digital coin has lost 5% of its value in the past 24 hours, according to data from Coinmarketcap. The coin’s total market capitalisation currently stands at $212.3 billion, which represents 62.7% of the combined value of all digital currencies.
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