Bitcoin soon surrenders gains by putting critical support $ 6,000 support


Bitcoin came dangerously close to breaking under $ 6,000 over the weekend, trading at $ 6.008.68 Saturday morning in New York.

The southern move pushed the total loss of bitcoins for August to 21%, and left the risk of creating a new low in 2018, a crypto level guru Barry Silbert said he did not think he would violate when he would talked about at the CNBC Delivering Alpha conference on July 18

However, bitcoin owners breathed a sigh of relief as the world's largest digital currency held the $ 6,000 level, before negotiating higher in the second half of the weekend.

After the opening on Monday green, bitcoin

BTCUSD, -1.65%

ceded those gains, the last trade to $ 6,197.43, down 2.2% from Sunday to 5 pm. Eastern Time on the Kraken exchange, reporting the level of $ 6,000 on the radar.

Bitcoin Dominance of over 50%

The only bright spot for bitcoin owners is that it continues to outperform other digital currencies, collectively known as altcoins. According to data from CoinMarketCap, bitcoin now accounts for 52.2% of the total cryptocurrency market, its largest share since 18 December when bitcoin prices exceeded $ 18,000.

"A lot of new projects and ICOs (initial coin offerings) are coming down and we are seeing many of those funds falling back into cryptocurrencies like bitcoin," said Mato Greenspan, senior eToro market analyst.

However, the bitcoin has a long way to go before it regains its record market share of 95.6%. "Bitcoin's pre-eminent role remains, but with the introduction of new and convincing cryptos, you can see that its influence begins to decline at the end of 2016. As markets mature, competition stiffens and consumers have more and more alternatives. ", wrote Kevin Davitt, senior instructor at Cboe Global Markets.


Bitcoin market share

Read: Crypto's technical context is deteriorating

Altcoins collapses further

Altcoins continued to underperform on Monday. Ether

ETHUSD, -7.82%

is the worst altcoin, with a decrease of 10.3% to $ 286.95, Bitcoin Cash

BCHUSD, -5.97%

is down 7.1% to $ 532.50, Litecoin

LTCUSD, -7.51%

lost 5.8% to $ 56.07 and the Ripple XRP

XRPUSD, -7.07%

lost 4.1%, trading at 29 cents.

After a volatile weekend in spot markets, futures followed the lowest Monday. The August contract of Cboe Global Markets Inc.

XBTQ8, -0.80%

is down 2.8% to $ 6,200 and the August contract of CME Group Inc.

BTCQ8, -0.56%

trading down 3.4% to $ 6.175.

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