Bitcoin Price Hits 10-Day Low As Crypto Markets Tumble

The price of bitcoin continues to edge lower.

At press time, bitcoin was down 5.5% across global exchanges, falling to a low of $2,547.18. This figure was down nearly 15% from an all-time high of over $3,000 reached on 11th June, according to CoinDesk Bitcoin Price Index. This marked the lowest total observed on the BPI since 4th June, when average prices across exchanges fell to $2494.29.

Elsewhere, other cryptocurrencies were in the red. The price of ether, ethereum's native cryptocurrency, declined by nearly 10% to reach a low of $361. This was after testing new highs of more than $400 over this past weekend.

In the meantime, the top 20 cryptocurrencies by market capitalization according to data service Coinmarketcap almost all fell for an average 7%. Even IOTA, a token for an Internet of Things-specific distributed ledger software was down 15% after a strong market debut yesterday.

Bucking this trend, however, was Ripple's XRP token, the third-largest by market capitalization after bitcoin and ethereum, which surged for nearly 10% today.

According to data service Coinmarketcap, Korean Won trading contributed to 61.5% of XRP volume with $271m in volume taking place across its three major exchanges.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Markets image via Shutterstock