World’s largest cryptocurrency bitcoin crashed over 11% today. On Coinmarketcap, the price of bitcoin tumbled 11.64% to $46,434. Market cap of the cryptocurrency reached $877.265 billion. Currently, the global crypto market cap stands at $2.08 trillion, 12.19% lower over the last day.
Other cryptocurrencies were trading in the red today. Ethereum fell 12.06% to $3,449 and Dogecoin crashed 16.41% to $0.2551.
Digital token Stellar slipped 19.71% to $0.3326 and XRP was down 19.40% to $1.10. Litecoin fell 17.67% to $180.89 and Uniswap was down 16.86% to $23.78.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood.
In late July, Elon Musk said Tesla was “most likely” to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level. The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases.