Bitcoin and four other leading cryptocurrencies have all plunged dramatically today after a decline for the past three months.
The price of Bitcoin plummeted by more than 10 percent on Wednesday hitting its lowest level in over a year.
Its value is now $6,000 (£4,690), considerably less than the $20,000 (£15,635) it was worth in December 2017.
It joins other cryptocurrencies such as Ethereum, XRP, Bitcoin Cash and Stellar, that have all seen a massive reduction in value over the past three months.
Despite the drop in value, Bitcoin still remains the world's largest cryptocurrency.
It has a market value of $95.6 billion (£74 billion), compared to Ethereum and XRP's $18 billion (£14 billion), according to Forbes.
XRP also known as Ripple has overtaken Ethereum as the world's second largest cryptocurrency.
According to CNN business, Bitcoin's plunge earlier this week could be due to uncertainty in the market.
Bitcoin Cash is set to be split into two on Thursday, according to Marshall Hayner, founder of Metal Pay, a cryptocurrency payments service.
On October 31, Bitcoin celebrated its tenth anniversary.
It was originally intended to be a "people's currency" outside the banking system and government control.
It took off in 2010 and inspired other cryptocurrencies in recent years.
However it has also become a useful way for criminals to purchase drugs, weapons and counterfeit documents online without being traced, causing great concern for regulators.
