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.
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.
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.
$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.
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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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.