The Bitcoin price (BTC/USD) has remained relatively stable, even though the broader cryptocurrency market has seen significant losses over the past 24 hours.
The original cryptocurrency managed to limit its losses on Tuesday, despite seeing a major drop in the afternoon session. During the morning session the coin made an attempt to break above the $6,400 barrier, but its advance stopped at an intraday high of $6,398.92. The coin experienced a significant pull-back in subsequent trading, which led to its price dropping below the $6,300 level in the afternoon. The Bitcoin price fell to as low as $6,260.21, but it managed to bounce back in the final hours of the session and finished the day at $6,321.20, slightly down from its opening level of $6,331.88.
Bitcoin has been hovering around the $6,300 level, trying to resist the growing selling pressure. At the time of writing, the coin was trading at around $6,280, according to data from digital currency tracker Coinmarketcap.
While Bitcoin has experienced significant difficulties over the past week, the No. 1 digital currency has also shown a far greater resilience than many of its chief crypto rivals. While major altcoins, such as Ethereum (ETH), Bitcoin Cash (BCH) and Cardano (ADA) are posting double-digit percentage losses over the past 24 hours, BTC has remained relatively unscathed in comparison. As a result, the Bitcoin dominance has surpassed 57% for the first time this year.
In today’s trading, the Bitcoin price stood at $6,284.29, as of 09:09 BST. The digital coin has lost 1.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at almost $108.5 billion, which represents 57.9% of the combined value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.