Bitcoin (BTC) Market Cap Breaches $100 Billion for the First Time in 13 Months

Marco Verch / Flickr

With the crypto market ostensibly in free-fall mode Wednesday, Bitcoin (BTC) shed some $15 billion in value, dropping as low as $5,570 and hitting a fresh low for 2018.

Taking a look at the market capitalization of Bitcoin shows that the largest digital currency has fallen below $100 billion for the first time since October 2017.

BTC Market Cap via CoinMarketCap

As a result, Bitcoin currently makes up around 55.5% of the AltDex 100 Index (ALT100), a benchmark index for large-cap coins and tokens. The second and third positions in the index are occupied by XRP (XRP) and Ethereum (ETH), which both constitute roughly 10% of the index.

Read: BitMEX Report: CEO Sets $2,000 Bitcoin (BTC) Price Target

Bitcoin bulls could be in for some more pain, as some analysts have made calls within the $2-4K range. Bitcoin now trades significantly lower than the end-of-year price targets made by the most-followed Bitcoin investors, Tom Lee and Michael Novogratz.

BTC is currently down over 12% Thursday to $5,499, giving the coin a $95.5 billion market cap.

More: AltDex Cryptocurrency Index
Similar: Volatility Returns to the Crypto Market as Bitcoin (BTC) Plunges to New 2018 Low
Photo: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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