Bitcoin Price Drops Below $38K After Recent $40K Reject

The price of the leading cryptocurrency in terms of market capitalization, Bitcoin, is down almost 2% in the last 24 hours. This decrease in the price of Bitcoin follows the current market retracement taking place in the cryptocurrency markets. The price of one bitcoin is now below $38,000 according to market tracker CoinMarketCap.

Bitcoin has the largest market capitalization of all of the cryptocurrency projects in the collective $1.8 Trillion cryptocurrency market, with a market capitalization over $712 Billion USD. The next highest market capitalization is Ethereum at just over $313 Billion USD.

Even though the prices of Bitcoin and other cryptocurrencies have dropped in the last 24 hours, Bitcoin still maintains a daily trading volume of $19,998,305,297, at the time of writing.

Bitcoin is the oldest cryptocurrency in the market, and has been around since 2009. Created by someone under the alias of Satoshi Nakamoto, Bitcoin tends to act as a digital gold standard for the rest of the cryptocurrencies in the market.

Normally, as the price of Bitcoin rises, so too do the prices of the rest of the cryptocurrencies in the market, and vice versa for when the price of Bitcoin drops. However, this is not always the case since some projects have formed their own independent community separate from some of the other projects in the cryptocurrency space, including Bitcoin.