The price of bitcoin slumped by 15 percent to drop below $12,000 for the first time since December 4. Ethereum, meanwhile, fell by over 20 percent to hover above $1,000 and Ripple is down 33 percent to $1.23 at the time of writing.
The price drop is having a huge impact. According to Coinmarketcap.com, a site that is quickly becoming the go-to price checker, just one of the top 100 highest valued cryptocurrencies isn’t in the red over the past 24 hours. That’s Tether.
It’s a far cry from when bitcoin hit a record of close to $20,000 exactly a month ago on December 16.
Despite the drop, Ethereum, Ripple and the rest of the alt coins have largely fared worse than bitcoin.
Upvote and follow for more crypto news on the slump and more. I will not be posting a crypto pick today due to the situation of the market and its high volatility.