The last Tuesday of February this year will go down in history with one of the biggest declines in cryptocurrency markets in history. Bitcoin has plummeted below $50,000, while other major cryptocurrencies such as Ethereum, Ripple and Stellar have not been spared.
Bitcoin touched the $55,000 mark just before midnight Monday to Tuesday Central European time. Over the next few hours, however, he began to fall uncontrollably behind the $45,400 price tag.
In just 12 hours, each Bitcoin holder lost nearly $10,000 on a single virtual coin. Bitcoin thus weakened by less than 18 percent. In later trading, it erased losses, and its price oscillated to around $49,000 as of Tuesday afternoon. Still, the market capitalization of the Bitcoin market fell by about $100 billion just days after it crossed the $1 trillion mark.
Other major cryptocurrencies also weakened on Tuesday. Ethereum initially wrote off nearly a quarter, Ripple about a third, and Stellar less than 30 percent. They, too, erased their previous losses in the hours that had been erased, trading 10 to 15 percent weaker than Monday’s highs.