Bitcoin drops below $6500, stone’s throw from 2018 low

Price of bitcoin dropped below $6,500 on some exchanges on Wednesday, sinking to a 70-day low. It is now very close to this year’s low of $6,048.

Price of bitcoin at Bitfinex exchange dropped to $6,436 from Tuesday’s close at $6,700. The next support price for the cryptocurrency is $6,421, according to data available on Bitfinex exchange.

According to CoinMarketCap, which shows a normalised price after combining data from various exchanges, the price of bitcoin dropped to $6,550 level. It has shed about 4% value in last 24 hours. At the press time, it was trading at $6,603.

The market cap of the currency also shed more than $6 billion since the close on Tuesday. Currently, the market cap of bitcoin is $112.8 billion, far below its all-time high of $326 billion in December last year.

As usual, other major cryptocurrencies mirror the trend of bitcoin and have an identical graph for last 24 hours. Ethereum has shed about 7% in last 24-hours and Ripple has dropped by 6% in the same time period.

At the time of reporting, Ethereum was trading at $496 and Ripple was exchanging hands at $0.55.

As the bears have been creating havoc in the market, the dominance of bitcoin in cryptocurrency market has surged to 39.8%. However, it is still lower than year high of 45% achieved in April.

The combined market capitalisation of all cryptocurrencies has plummeted to $283 billion, losing about $60 billion in last three days. On Sunday, it was $344 billion.