Bitcoin dropped below $5,000 for the first time in over 13 months on Monday.

CoinDesk price data reveals the world’s largest cryptocurrency by market capitalization fell to $4,981 shortly after 16:30 UTC on Monday, signifying a dollar-decline of more than $500 for the day when the move occurred.

That’s the lowest figure since Oct. 12, 2017, and as of press time, the price has recovered somewhat to $5,048 – still signifying a decline of more than 9 percent. 

The broader cryptocurrency market accompanied BTC in its steep sell-off and has shed more than $15 billion in total market capitalization in the last 24 hours.

Many cryptocurrencies are faring worse than BTC, including the likes of ether (ETH), litecoin (LTC) and EOS, all of which are posting 24-hour losses above 10 percent.

According to data from OnChainFX, some of the biggest losses of the day include Aragon, LBRY Credits and ZClassic, all of which have seen price declines in excess of 20 percent in the past day.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Roller coaster image via Shutterstock

Disclaimer Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.