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In late Wednesday trade, Bitcoin plummeted below $20,000 for the third time in as many weeks, extending the crypto market's June slump to the very end of the month.
According to CoinMarketCap, the price of a Bitcoin reached $19,984 at 9:24 p.m. EDT and reemerged over $20,000 less than 20 minutes later. BTC fell sharply to $19,387 just after 2:30 a.m. on Thursday, representing a market value decline of more than $16 billion within 12 hours. Bitcoin represents roughly 42 percent of the whole cryptocurrency market.
At least twice before this month, the price of Bitcoin went below $20,000: Tuesday evening and this morning, and more spectacularly two weeks ago, when the top cryptocurrency passed the closely-monitored mark after fluctuating below $25,000 for five days.
In previous bear markets, Bitcoin has never gone below the earlier bull run’s top, which occurred on December 17 at $19,783.21. This barrier was breached on June 17, and BTC reached a low of $17,744 the following day.
Ethereum, which began the month at $1,960, fell to $897 on June 18 but has remained over $1,000 for the past ten days.
The crypto market is drastically different from its position at the end of 2020. On December 16 of that year, $20,000 set a record high. At the beginning of this year, an 11 percent decline in Bitcoin’s value to $42,000 was described as a “brutal week.” In May, both Bitcoin and Ethereum had declined by nearly 50 percent.
The total market capitalization of all cryptocurrencies is $868 billion at the time of writing. In November 2021, it temporarily exceeded $3 trillion.
