Over the past 48 hours, the Bitcoin (BTC) price has continued to dive lower and lower. On the morning of November 14, the price of BTC was over $6,300 but at press time, it stands at about $5,600 (-1.06%). It seems the center of Bitcoin can longer hold. Bitcoin Cash is also suffering at $415 with (-3.56%).
It even went as low as $5,528 as Coinidol recently reported. This is so far the lowest price the crypto industry has registered in over 12 months. Some other coins also dropped hence making the market cap to collect $184 billion. The crypto market has lost over $23 billion in the last 48 hours, according to coinmarketcap data.
BTC's $5,500 value is very low compared to what it was 11 months ago. For instance, in December, it was almost $20,000 though it didn't take long, nevertheless, the price has been poorly fluctuating since then.
The deep drop in BTC's price was further accompanied by high sell-offs in some other digital assets and cryptos.
From OnChainFX data, some tokens are doing well with a gain of 6.5% (and above). Among these tokens; MANA at 12%, Dogecoin (DOGE) at 10%, Ox (ZRX) at 6.57% and Bitcoin Gold (BTG) at 6.72%.