For the first time in weeks, Bitcoin, the most dominant cryptocurrency by market capitalization, decrease by 4.77 percent on Thursday, hence the prices are being pushed well below $6,400.
According to CoinDesk price data, the cryptocurrency just after Wednesday’s close at 00:58 UTC, lost about $400 within the period of 30 minutes, a rally which resulted in it crossing $6,400 mark for the first time since September 12.
Bitcoin was last observed changing hands at $6,238.
As at the time of press, bitcoin has lost its stand, having hovered shortly at around $6,125, which was the least figure since September 19, before moving back over $6,200.
The variability was an indication of a termination of the stable trading which has been ongoing ever since that date, with prices fluctuating between a $300 range. The pressure appears too much for the bulls following the final break of the levy. For that, the losses had to be conceded and observe as the price decreased in rapid succession.
Also, the top 10 cryptocurrencies by market capitalization took a hit, decreasing between the range of 4 to 13 percent lower than the bitcoin sell-off. Ripple (XRP) witnessed the largest decrease, dropping 12.34 percent, whereas other major cryptocurrencies such as Ethereum (ether) and bitcoin cash declined 10-11 percent.
The total cryptocurrency market capitalization also has witnessed a rapid decrease in price, falling $13.1 billion in overall value just within the period of two-and-a-half-hour.