Bitcoin, the world’s biggest cryptocurrency by market capitalisation, has fallen below the $63,000 mark, recording its weakest value since October 2024.
Market data from CoinMarketCap showed that the digital asset declined by 13.9 percent on Thursday. Its price dropped to $62,965 as of 10:20 pm.
The latest slide comes amid weakening investor confidence in bitcoin’s role as a store of value, hedge against inflation, and medium of digital exchange.
Reports indicate that bitcoin has lost about 45 percent of its value within the past year.
The cryptocurrency has recorded a consistent downturn for over three months. It now trades more than 45 percent lower than its October peak, when it reached a record high.
Ethereum, the second-largest cryptocurrency by market capitalisation, also witnessed a decline. Its value fell by 13 percent to $1,863.
CoinMarketCap added that the total global cryptocurrency market capitalisation dropped to $2.19 trillion, with transactions worth over $263 billion recorded as of 10:00 pm on Thursday.
Analysts linked the latest bitcoin decline to a broader sell-off in technology stocks in the United States.
Since the start of the year, the cryptocurrency’s value has fallen sharply.
On October 5, bitcoin reached an all-time high of more than $125,000. The figure represented a 97 percent increase from about $62,000 recorded in October 2024.
However, the price fell steeply to $112,000 a few days later.
The sudden drop wiped out billions of dollars from investors’ holdings and once again highlighted the volatility that characterises the cryptocurrency market.
