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article imageBitcoin breaks through $3,700 and then drops below $3,500

By Ken Hanly     Jan 20, 2019 in Technology
The last 24 hours have been volatile for Bitcoin as it has gone from just above $3,700 to just below $3,490 although it has recovered somewhat to over $3,500 again. Other cryptocurrencies are losing value as well.
Cointelegraph analysis
Adrian Zmudzinski posted an article on Cointelegraph analyzing briefly the price movements of the cryptocurrency market including that of Bitcoin. He notes that all top 20 cryptocoins are experiencing moderate to major losses in the 24 hours before his article went to press. He points out that the price of Bitcoin was nearing $3,550 again as his article went to press according to Coin 360 data. It has actually gone below $3,500 since then.
At press time, Bitcoin was down more than 4 percent on the day and trading at $3,587. The current price is lower than it was last Sunday when it was $3,673.
Other cryptocurrencies
Ripple (XRP) also declined today over 3 percent so far. It was trading around $0.321 at press time. This price is lower than the $0.332 at which XRP began the week. It also lower than the midweek high $0.337 reported on January 14.
Ethereum(ETH) or Ether also suffered a decline of over 4 percent during the last 24 hours. At press time it was trading at $119 after opening the day at about $125. The present price of $119 is lower than the $125 price it was trading at a week ago.
Other losing cryptocurrencies are IOTA that is down almost 7 percent, plus NEO, Cardano, and BItcoin Cash which are down over 6 percent.
The total market capitalization of all cryptocurrencies also declined to about $119.7 billion. This is down from $122.5 billion a week ago.
Present situation
24 hours ago Bitcoin was trading at $3,697 according to CoinDesk data. Its high since then has been $3,701 but it has dropped down after that to as low as $3,490. At 16:25 Central Standard Time it has recovered a bit to $3,547. However, it is down over $150 dollars on the day or just over 4 percent. The present price of Bitcoin can be found here.
On Coinbase ETH was trading at $117.70 down a bit more as at 6:00 PM, I assume Central Standard Time. It is down more than 4 percent on the day.
On Coinmarketcap, XRP was at $0.3215 at 18:40 UTC, down a little over 4 percent on the day.
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