Bitcoin Teetering on $6,000 Edge, $50B Wipes out from Crypto Market in 4 Days

Anjali Tyagi
August 11, 2018 Updated October 9, 2024
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
bitcoin

Bitcoin is precariously on $6,000 level with chances of hitting new low this year. In tandem with Bitcoin, the entire crypto market is registering severe losses that wiped out about $16 billion today while about $50 billion has been lost in the past 3 days.

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Bitcoin in danger of dropping below $6k while BTC dominance at 50%

Bitcoin is dangerously close to dropping below $6,000 level. If we take a look at the past 24 hours, the loss has been of 5.09 percent while the trading volume also took a dip to $4.2 billion. The world’s leading cryptocurrency is doing really bad as it started its journey today above $6,400 level before taking a dump to $6,100.

bitcoin
Source: Tradingview.com

As we told you yesterday, experts are seeing a drop in bitcoin price in the short term. Right now, the scenario is pretty bad with no chance of recovery in sight. The technical outlook has bears in its sight that is likely to take bitcoin to the $5,000 level.

However, bitcoin has some good news in the form of BTC dominance reaching to its highest of this year at 50.7 percent. If we take a look at the one-year dominance chart, since the beginning of May 2018, the dominance of BTC has started to rise.

bitcoin
Source: coinmarketcap.com

Also, read: Bitcoin is Permanently Impaired, Gonna Hit Year’s Lowest: Experts Predict Bitcoin’s End

$24 Billion wiped out in 1 day from the total market cap

Today has been a really bad day for the entire cryptocurrency market. In tandem with the Bitcoin, a majority of the cryptocurrencies lost a significant part of their value.

At the time of writing, top cryptocurrencies with high losses have been:

  • Ethereum (ETH) – 12.63% down at $316
  • XRP (XRP) – 12.11% low at $0.297
  • Bitcoin Cash (BCH) – 8.09% decline at $551
  • Litecoin (LTC) – 10.68% loss at $56
  • Cardano (ADA) – 7.25% down at $0.111
  • IOTA (MIOTA) – 15.59% loss at $0.511
  • NEO (NEO) -15.42% decline at $18.11

If we take a look at the total market cap chart, about $24 billion has been lost today. And in the past three days, close to $50 billion has been wiped from the market.

bitcoin
Source: coinmarketcap.com

Right now, the streets are bleeding red and the price is further expected to drop more in the coming days. However, this is the perfect opportunity for an investor to buy cryptocurrencies at as high as 95 percent discount from its all-time high (ATH). This is in no way an investment advice but with the prices so low, it’s the best time to buy in and secure your positions.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.