The price of bitcoin is trading at a 20-day low.

At press time, the world's largest cryptocurrency by total value was continuing Thursday's decline into Friday's trading session, dropping nearly $500 beginning around 4:00 UTC, falling from just over $9,000 to a daily low of $8,587 at 4:30 UTC, according to CoinDesk's Bitcoin Price Index,

As of press time, bitcoin had recovered slightly and was trading at $8,741.

The price drop followed a similar development Thursday wherein bitcoin dropped toward $9,000 after first trading steady at around $10,000. At a three-week price low, bitcoin now is down 37 percent down from its recent high at $11,767 on February 20,

In the meantime, the cryptocurrency market capitalization has also recorded a monthly low at $352 billion, recording a 47 percent down from its recent high at $518 billion seen on Feb. 18, according to data from CoinMarketCap.

CoinDesk - Unknown

In fact, top 20 cryptocurrencies by trading volume are all seeing major drop from 10 to 20 percent as of press time.

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