The bitcoin price careened back below $6,000 on Thursday, once again igniting fears that the six-month-long cryptocurrency sell-off has not yet driven the bears to exhaustion.
As CCN reported this morning, cryptocurrency volume has tapered off significantly throughout 2018, and this lack of volume does not bode well for the prospects of a market recovery.
As if on cue, the bitcoin price — which had hovered around $6,100 for the majority of the day — dunked below $6,000 at approximately 21:00 UTC and continued to trade down from there. By 23:45, bitcoin had sunk as far as $5,873, and it continued to hold near that level at the time of writing at 00:15 UTC on Friday morning.
Bitcoin currently has a $101.3 billion market cap, which translates into a 42.6 percent share of the index. The aggregate value of all cryptocurrencies has declined to $237.6 billion, representing a 24-hour decline of five percent.