Bitcoin falls through $6,000 mark as cryptocurrencies suffer

Cryptocurrency market capitalization plunges to its lowest while Bitcoin dominance hits its highest this year

The market valuation dropped from $218 billion to $193 billion (USD) in the hours to Tuesday, according to CoinMarketCap.

At the time of writing this, Bitcoin price is trading above the $6,300 mark, which means that it has lost more than 60% of its value since the start of the year.

Even though Bitcoin, the dominant cryptocurrency in the market went through similar declines in the last six months, aside from June, it has not experienced losses in the $5,000 level. However, today is a significant day as Bitcoin's market dominance finally surged past 50% in nearly nine months.

At the time of publishing Bitcoin's market share is above 49%, the highest it has been this calendar year.

Bitcoin has held up pretty well amid the sell-off in the cryptocurrency market, 1 analysts said.

In spite of the support, Bitcoin continued to fall well short of the 23.6% FIB Retracement Level of $6,757 and $7,000 levels needed to begin a near-term bullish trend formation, with the markets yet to fully dust off the recent negative news to hit the wires. The ETH market and the prices had been weak for quite sometime now and we had also mentioned the same in many of our forecasts about how the the prices are likely to be under pressure despite the strong fundamentals of the network mainly due to the fact that it has come under increased scrutiny and competition from other blockchain networks.

Ether has tumbled 39 per cent this month, while Bitcoin has dropped about 22 per cent.

They believe that with Bitcoin controlling more than half of the cryptocurrency market, it is perfectly placed to embark on a bullish run very soon.

The long wait for the Bitcoin ETF and a sell-off in Ethereum are behind the fall. However, this market dominance might not entirely be good news -at least not for the market as a whole.

All these have helped convince investors that Bitcoin is the best amongst them all.

While the price of Bitcoin continues to show several ups and downs - the markets continue to show faith in the currency.

Last year, a lot of ICOs hosted their projects on the Ethereum platform while raising money in Ether.

The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost nearly 17%, XRP fell by 14.5%, and Cardano (ADA) has plummeted more than any other major cryptocurrency by nearly 20%.

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