The world's largest cryptocurrency Bitcoin traded over 5% lower today. The price of Bitcoin dropped 6.08% to $59,013 on Coinmarketcap. The market cap of the cryptocurrency reached $1,109. 65 billion.
Currently, the global crypto market cap stands at $2.48 trillion, a fall of 6.04%. Other cryptocurrencies were also trading in red. Ethereum lost 4.55% to $4,037 and Dogecoin was trading 13.20% lower at $0.2358.
The digital token Stellar lost 11.81% to $0.3402 and XRP declined 8.86% to $1.02. Uniswap slipped 8.28% to $182.25 and Litecoin was trading 9.72% lower at $25.
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 accept 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. It's been a wild ride for bitcoin the last three years.
The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out Bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.