Amid a broader decline in the value of cryptocurrencies, bitcoin slumped below USD 8,000 on Monday. In the last 24 hours, the most valuable cryptocurrency in the market has?shed over USD 600 in its unit price.
At the time of writing this, the bitcoin was trading at USD 7,910 according to CoinMarketCap with about 7% decline from the price 24 hours ago.
In the last seven days, bitcoin’s price has been flirting with USD 8,000 level, however, it is the first time in the week when it went below that resistance level.
Other currencies like Ethereum and Ripple also registered a decline in their value. Ethereum dropped over 11 percent and Ripple slumped by over 10 percent in last 24 hours and the digital?currencies were trading at USD 464 and USD 0.57 at the time of reporting.
Majority of the top 100 cryptocurrencies were trading in red with some dropping as much as a quarter of their value in last 24 hours.
Overall, the global cryptocurrency market lost over USD 30 billion in its market cap in the past 24 hours. Currently, the market capitalisation of the global cryptocurrency market is pegged at USD 298 billion.
Remarkably, though, the dominance of?bitcoin (share of bitcoin?s market cap in the total market cap of cryptocurrencies) which had dropped to a level of 33 percent at the height of the cryptocurrency market in December, has strengthened to almost 45 percent while the bearish trend has gripped the market.