Fundamental Comment

Bitcoin falls below $6,000 as all cryptocurrencies trade in red

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Almost all cryptocurrencies traded sharply lower on Tuesday, with the Bitcoin falling below $6,000 to its lowest level since late June.

The Bitcoin hit a bottom of $5,879 earlier today while currently trading 6.90 percent down at $6,029.1, where the $6,000 remains critical level.

Among the top digital currencies, the Tron led the losses with 20.71 percent plunge to $0.018033, followed by Cardano and Ethereum as they plummeted 18.42 percent and 16.02 percent respectively.

Stellar, the fifth biggest virtual currency in terms of market capitalizations, appeared to be more resilient as it dropped 8.67 percent.

The Bitcoin now accounts for 54 percent of cryptocurrency market capitalization, while the Ethereum makes up to 14 percent compared to 32 percent last year.

The total market capitalization fell from $205 billion on August 13 to $194 billion today, resuming its plunge from $303 billion recorded on July 26.  

Recently, the crypto markets have been under pressure after the SEC decision to delay proposals of establishing Bitcoin-backed exchange-traded fund.

Some analysts predict cryptocurrencies to continue to trad lower until the SEC decides on Bitcoin ETFs next month.

The crypto market is eagerly waiting for new flow from new investors to come back to the total market cap peak of about $835 billion in January.

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