Bitcoin Drops Below $47,000

The global cryptocurrency market dropped with a 3% decline to record a market cap of $2 trillion, while bitcoin volume stood at $33 billion.

The largest digital currency traded below Bitcoin below $48,000 throughout the day before closing at $46,900, a plunge of about 2.8% from the previous day.

Meantime, Bitcoin has broken down from an earlier surge, pointing toward further drops before it gets relief.

Ethereum also dipped by 2.3% to close at $3,090 after breaking an earlier price of $3,100. The second-largest coin faces resistance between $3,140-3,270 levels.

"Most cryptocurrencies recorded losses on Thursday with a bearish outlook, a trend observed from the increased dominance of BTC, which rose by 0.2% to 44.2%," according to CoinMarketCap.