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.
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.
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.
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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.