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Bitcoin's Price Falls Below $6K to Near 2018 Low

16 August 2018

Through a choppy afternoon, Bitcoin broke through to $6,400 levels, with an intraday high $6,499 seeing Bitcoin test the day's first major resistance level at $6,489.63 before pulling back to $6,300 levels.

At the moment, the entire cryptocurrency market cap stands at, $214 billion, with Bitcoin having a market cap of $108 billion. The Bitcoin once again came to the threshold level at $6000 losing more than 6% in the past 24 hours. However, it remains a trigger away from taking an upward momentum or a further slide below, especially given bitcoin has finally captured over 50% dominance of the market.

As seen from the 3 months graph of the cryptocurrency dominance, it is clearly seen that Bitcoin's dominance has been increasing steadily and continuously.

The last time Bitcoin dominance was above 50% was on 19th December, where it controlled 50.54% of the market.

Bitcoin dropped to an 8-week low Tuesday, while Ethereum, the 2nd-largest cryptocurrency in terms of market value, sank to a more than 1-year lows, as they continued their Bearish trend. All the other altcoins constitute for the remaining 50%. The low point on June 29th was only marginally higher.

Ether has tumbled about 40% this month, while Bitcoin has dropped about 26%. U.S SEC declaring that Bitcoin is a commodity, ICE's announcement and a potential for a (Bitcoin) ETF, amongst other.

It's unlikely that recent global market turbulence, fuelled by Turkey's currency crisis.

"I believe we're just witnessing the continuation of the cryptocurrency bear market".

Last year, a lot of ICOs hosted their projects on the Ethereum platform while raising money in Ether. Ether now makes up about 14%, while Bitcoin accounts for 54% after falling less quickly than its smaller peers, according to Coinmarketcap.com.

A lot of traders and investors are staying away from altcoins due to the short-term unpredictability of the cryptocurrency market which has led to the massive drop in altcoin prices.

Bitcoin's Price Falls Below $6K to Near 2018 Low