Bitcoin (BTC) plunges below US$10,000 again

The Bitcoin (BTC) price has fallen below US$10,000 again after being above the psychologically-important price for most of the past 10 days.

In the last 24 hours the Bitcoin (BTC) price has dropped by 5.10% to US$9,615. This drop came about with almost US$6.8 billion Bitcoin (BTC) changing hands over the last day. The plunge means that Bitcoin’s (BTC) market cap, which is the total number of Bitcoins (BTC) multiplied by the price, has fallen to US$162 billion.

Bitcoin (BTC) had reached a 2018 low of $6,135 three weeks ago but has strongly recovered, with many traders thinking that it had reached good value. The price improved all the way up to almost US$12,000 but has since fallen back.

I think a lot of this price fall has been profit taking. Many traders will be very happy with making almost 100% in a matter of a few weeks.

Bitcoin (BTC) isn’t the only one to be affected by this, it’s red across the board.

Ethereum (ETH) is down 2.74% to US$822.

Ripple (XRP) is down 5.4% to US$0.935.

Bitcoin Cash (BCH) is down 7.47% to US$1,153.25.

Litecoin (LTC) is down 2.4% to $200.60.

It remains to be seen if this is just a temporary fall or a resumption of the overall decline of cryptocurrencies that we’ve seen since the December 2017 highs.

What I do know is that I’d rather buy shares of exciting technology stocks like Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) over cryptocurrencies.

Don’t Buy A SINGLE Stock Until You Read This

While conflict overseas is all media talking-heads seem to mention these days, the billionaire founder of Tesla is losing sleep over what he sees as a far bigger threat.

Elon Musk Warns: This has “vastly more risk than North Korea”

If you missed your opportunity to get in on Google, Microsoft, or Amazon in their early days, don't let it happen again. This emerging technology trend could offer a second chance for anyone who wishes they took part in these millionaire-maker stocks.

Click here to discover more!

Motley Fool contributor Tristan Harrison owns shares of Altium. The Motley Fool Australia owns shares of Altium and Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.