Bitcoin Falls Below $6,000

• Bitcoin Falls Below $6,000

Bitcoin plunged below the $6,000 price mark in a massive sell-off on Tuesday to reach $5,900 a coin for the first time since June 28.

The dominant digital currency opened at $6,252.37 before dropping about 2 percent to $5,900 during the Asian trading session. Also, the market value of all cryptocurrencies dropped from the $216 billion recorded on Monday to $196 billion on Tuesday.

However, Bitcoin dominance of all the 1,833 cryptocurrencies surged from 43 percent a month ago to 54.1 percent on Tuesday as a lot of investors and traders now believe the coin is in range and expected to trade between $5,700 and $8,000 a coin in the near-term.

According to Matthew Newton, an analyst at eToro, “Bitcoin is still range-bound for now between $5,700 to $8,000 in line with how it has traded over the past few months.”

He further stated that the market is in panic mode as evident in the size of Ether’s ICO liquidation “As we can see in the case of Ether, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

“This has had a knock-on effect on the rest of the altcoin market, with bitcoin also momentarily dropping below $6,000 late last night. With prices hanging in the balance, emotions will be running high among traders.”

Bitcoin currently trading at $6,127 a coin.