Bitcoin Price Drops Over $500 in 5 Minutes, Top Altcoins Also See Red

Sunday, Jan. 19 — most of the top 20 cryptocurrencies are reporting severe losses on the day by press time as well as Bitcoin (BTC) which now hovers just under the $8,600 mark falling from today’s high of nearly $9,200, making it a 7.32% loss.

Market visualization courtesy of Coin360

Bitcoin price is currently down by 3.08% on the day, trading at around $8,636 at press time, according to Coin360. Looking at its weekly chart, the coin is still up by about 6.42%. Bitcoin’s price movement has seen the price decrease by $514 in around 5 minutes.

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $18 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $10 billion at press time.

Coin360 data shows that ETH has seen its value decrease by about 3.41% over the last 24 hours and 7.3% since the highs of today. At press time, ETH is trading around $164. On the week, the coin has also gained about 14.68% of its value.

Ether 7-day price chart. Source: Coin360

XRP is down by about 3.43% over the last 24 hours and down 8.36% from today’s hight. The coin is currently trading at around $0.23. On the week, the coin is up about 7.98%.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the ones reporting two-digit losses for 24 hours are DASH, which is down by 15.6%, Ethereum Classic (ETC), which lost 12.85% of its value, Bitcoin SV (BSV), which lost 10.8%, and lastly Bitcoin Cash (BCH) which lost 11.24%.

At press time, the total market capitalization of all cryptocurrencies is $235.5 billion, about 8.5% higher than the value it reported a week ago. Since today’s high, the total market cap is down by 5.91%.