The price of bitcoin dropped $500 in a single hour Sunday to hit a two-month low below $6,700.

According to CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10.

Indeed, data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647.

For traders, this means bitcoin's two-month uptrend appears to be in question. Trading at around $6,700, bitcoin is now within striking distance of its 2018 low of $5,947 set in February.

With the bitcoin price declining, so too has the market for all cryptocurrencies, with now stands at $295 billion, down from $340 billion yesterday. The figure also marked a two-month low for the broader market.

Nearly all cryptocurrencies listed show a 10-20 percent decline in price over the last 24-hours.

Bitcoin and US dollars via Shutterstock