Over the past 24 hours, Bitcoin dipped past the $6,000 mark with possibly no floor in sight as the bears continue to pile on. The price reached a low of $5,835.75, rose to $5946.02 and then fell again to its current $5905.36 as of 11:00 am Eastern Time.
Overall, Bitcoin is down 2.94 percent in the past day. Its peers, Ethereum and Ripple, are also getting hit by the bears with Ethereum down 4.74 percent and Ripple down 4.66 percent the last 24 hours.
Related: Where’s the Bottom for Bitcoin?
According to Matthew Newton, an analyst at eToro, it’s not entirely uncommon for prices to dip around the futures settlement date. Compounding the price drops is a current lack of volume in the cryptocurrency markets.
“There’s no real spark in the market right now to get it moving, it’s just more sellers than buyers,” said Newton. “It needs something to get markets back to life, like some development on the technology or regulatory side.”
Regulatory measures around the globe, including Japan where the cryptocurrency market thrives, have also tamped down any possible hopes of a rally.
Related – Bitcoin Price Prediction: $5,350 in Bear Market
If things don’t turn around for the leading cryptocurrency, Bitcoin is nearing a 60 percent loss year-to-date. In addition, the total market capitalization for cryptocurrencies have dropped by 61 percent based on data from Coinmarketcap.com.
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