According to data from CoinMarketCap, the price of Bitcoin (BTC) kept going in the wrong direction over the weekend, dropping to a new three-month low of $18,390.
Even though the number of daily trades has gone up by 64%, the price of bitcoin is currently around $18,440, which is 8% less than it was the day before.
BTC has lost more than 73% of its value since its all-time high of $68,789.63 in November 2021. In the last week alone, it has lost more than 17% of its value.
Bitcoin’s market value has dropped by more than half since November of last year, when it was worth $1.27 trillion. It is now worth less than $354 billion.
Blockchain.com says that Bitcoin’s network difficulty hit a new all-time high of 32.045t yesterday.
“Network difficulty” refers to how hard it is to figure out how to mine a block using computers. Higher difficulty requires more processing power and makes it harder for miners to make money, which drives down the price of the coin.
Ethereum will go with Bitcoin
Ethereum, the second-largest cryptocurrency by market cap, has dropped 11% in the last day and is now worth less than $1,300.
Since its merger on September 15, Ethereum has lost more than 20% of its value. Right now, it’s worth about $159 billion, according to its market cap. CoinMarketCap says that ETH is down 73.30% from its all-time high of $4,891.70, which was reached in November 2021.
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