Top Cryptocurrencies Slip; Bitcoin Drops Below $17,000

3:46PM ET 12/05/2022 MT Newswires
Most major digital assets slid as of late Monday afternoon, tracking losses in US equity markets.

Bitcoin (BTC-USD), the largest cryptocurrency by market value, was changing hands at $16,924, down 1% over the past 24 hours, according to CoinDesk data. Trading volume was at $22.36 billion, up 25%, according to CoinMarketCap.

The oldest cryptocurrency is currently down 63% since the beginning of the year, compared with 28% for the Nasdaq 100 index and 16% for the S&P 500 index.

In a note Sunday, Standard Chartered predicted Bitcoin could plunge 70% to $5,000, CNBC reported Monday.

Ethereum (ETH-USD), the second-largest digital asset, fell 1.7% to $1,255, expanding its year-to-date slump to 66%.

XRP (XRP-USD), the third-largest digital asset, and Dogecoin (DOGE-USD), the fourth-largest, dropped 1.8% and 2.8%, respectively.

Meanwhile, Shiba Inu (SHIB-USD) and Solana (SOL-USD), the ninth- and 10th-largest digital assets, inched up 0.2% and 0.9%, respectively.

The overall market capitalization of the cryptocurrency industry was down 0.9% over the past 24 hours at $850.30 billion.

Price: 45.99, Change: -1.68, Percent Change: -3.52