Bitcoin tumbles 8%, puts 14-month low at risk

Major cryptocurrencies traded lower Monday, unable to capitalize on last week’s rebound of multimonth lows.


BTCUSD, -8.32%

 the world’s largest cryptocurrency, has fallen as much as 8% and is nearing last weeks multimonth low around $3,500. On the Kraken cryptocurrency exchange a single bitcoin

BTCUSD, -8.32%

 was fetching $3,843.10, down 7.6%, since Sunday’s level at 5 p.m. Eastern Time.

Earlier in the session the cryptocurrency traded to a session at $3,802.50.

Read: Opinion: Bitcoin is close to becoming worthless

Founder of crypto exchange undeterred

Danny Scott, the CEO and cofounder of CoinCorner, an Isle of Man-based cryptocurrency exchange, said the selloff in bitcoin is something he has witnessed many times over, therefore not of major concern. “If we look back over bitcoin’s short 10-year history, it has experienced many price fluctuations—something that is to be expected given that the industry is still very young,” he wrote.

“There have been a number of sizeable price movements over the years which have typically gone unnoticed by anyone except those within the industry. For example, in 2013 we saw the price drop 49.88% in just 14 days, which is a bigger drop than the one we have experienced over these last two weeks.”

Read: Hunker down, crypto owners, because the worst has yet to come: Fred Wilson

Altcoin losses mount

After finishing the week on the back foot, altcoins, or coins other than bitcoin, have extended losses into Monday. Ether

ETHUSD, -8.76%

was down 9.5% at $106.89, Litecoin

LTCUSD, -11.17%

has fallen 10.9% to $30.27, XRP

XRPUSD, -5.89%

has slid 5.4% to 35 cents, and Bitcoin Cash

BCHUSD, -10.34%

is off 9.9% at $156.80.

The altcoin underperformance has dragged bitcoin’s share of the total market for all cryptocurrencies to 53.6%, up from 37.8% since the beginning of 2018, according to data from CoinMarketCap.

Bitcoin futures are trading lower on Monday. The Cboe Global Markets December contract

XBTZ8, -3.81%

is down 4.1% to $3,775 while the CME Group December contract

BTCZ8, -3.56%

 is off 3.3% to $3,800.

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