Share this article
The Crypto Market Just Fell to a New 2018 Low
Bitcoin sank to its lowest price in over a year on Wednesday – a move that seemed to drag down the prices of other major cryptocurrencies as well.
By Sam Ouimet
Updated Sep 14, 2021, 1:53 p.m. Published Nov 14, 2018, 10:41 p.m.
Bitcoin sank to its lowest price in over a year on Wednesday, with the prices of other major cryptocurrencies falling alongside it.
As of press time, bitcoin is trading at $5,525.92 – a more than 12 percent decline on the day – in the latest sign that volatility around the world's largest cryptocurrency by market capitalization has returned with a vengeance.
STORY CONTINUES BELOW
No te pierdas otra historia.Suscríbete al boletín de Crypto Daybook Americas hoy. Ver todos los boletines
Indeed, bitcoin's collective market cap dropped below the $100 billion level for the first time since November 12 of last year, according to CoinDesk’s Crypto-Economics Explorer (CEX).
In the past 12-hours alone, the total capitalization of the cryptocurrency market fell from roughly $210 billion to where it stands now, $180 billion. Today's 15 percent depreciation has led the market to its lowest value since Oct. 31 of last year, CoinMarketCap data reveals.
Publicidad
Other major cryptocurrencies are reporting declines in excess of 10 percent on the day, including ETH, XRP and bitcoin cash – the latter of which is gearing up for a contentious hard fork on Nov. 15.
Notably, market data indicates that in light of today's market drop, XRP (as of the time of this writing) has the second-largest market capitalization for cryptocurrencies, surpassing ETH.
USDT, the stablecoin known more commonly as tether, saw a notable drop in its price to a low of $0.95 on crypto exchange Kraken, which offers one of the few trading pairs of the token against the U.S. dollar.
Tether, among other stablecoins, is intended to hold parity against the U.S. dollar, and data from CoinMarketCap shows that the token is trading in the $0.96-$0.97 range.
Because of the dip in USDT, the BTC premium on exchanges like Bitfinex, which trades against USDT, has risen to over $300. In other words, a single unit of bitcoin can now be purchased for $5,557 on Coinbase (a regulated exchange trading against USD) while the same unit costs $5,870 USDT on Bitfinex.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Bear-gold-bitcoin-cryptocurrency-mouth-on image via Shutterstock; Graph via CoinMarketCap
Plus pour vous
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ce qu'il:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Plus pour vous
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
Ce qu'il:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
