Economy

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

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

Bitcoin's share of the market, often referred to as Bitcoin dominance, topped 50% for the first time this year in the early hours of the Saturday session.

Why this might be a good sign is because the last time this was, is in December 2017, when bitcoin prices were at their all-time high of about $18,000.

The price of cryptocurrency Bitcoin fell to below $6,000 (£4,700) on Tuesday as the cost of other cryptocurrencies declined by billions of dollars amid a new sell off.

Bitcoin and the wider cryptocurrency market have taken a beating following an August 7 announcement by the US Securities and Exchange Commission, in which the watchdog said that it was delaying its decision on a proposed Bitcoin exchange-traded fund. However, today is a significant day as Bitcoin's market dominance finally surged past 50% in nearly nine months.

So, it's quite clear what the bullish market needs to do -at least in the short term- to get bitcoin back on its feet.

Historically, when bitcoin prices are triggered, bad or good, other altcoins tend to follow.

Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month's sell-off in cryptocurrencies showed few signs of letting up. The next day, the Bitcoin dominance dropped to 47.2%, with BTC price also dropping.

However, market analysts and experts such as Tom Lee, Mike Novogratz, and Peter Smith believe that the increase in Bitcoin dominance means that the market is getting ready for a turnaround. However, this market dominance might not entirely be good news -at least not for the market as a whole. U.S SEC declaring that Bitcoin is a commodity, ICE's announcement and a potential for a (Bitcoin) ETF, amongst other.

Altcoins witnessed an upswing previous year, where ICOs and overly-ambitious projects became a crypto investor's preferred investment vehicle.

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.



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