Below $5K: Bitcoin Drops $500 to Set New 2018 Low

The price of bitcoin fell below $5,000 on Monday for the first time since October of last year.

AccessTimeIconNov 19, 2018 at 4:42 p.m. UTC
Updated Sep 14, 2021 at 1:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

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.

coindesk-btc-chart-2018-11-19-2

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.