Bitcoin price (BTC/USD) tops $6,400, but struggles to find direction

Bitcoin price stabilises amid continued recovery of the crypto market

The market valuation dropped from $218 billion to $193 billion (USD) in the hours to Tuesday, according to CoinMarketCap. The Bitcoin once again came to the threshold level at $6000 losing more than 6% in the past 24 hours.

Ether (ETH), the cryptocurrency that powers the ethereum blockchain is trading hands at $264 - its lowest price since November 2017.

The year of 2018 has so far brought not a great deal of good fortune for cryptocurrency investors, as the market has pulled back nearly 70% from all-time highs reached at the end of 2017. The total market cap fell by 12% to $ 192 billion a day, which is less than 25% of the peak market volume in the beginning of the year. First, it seems as though investors are more quick to pull out of other cryptocurrencies as compared to Bitcoin, possibly seeing the market leader as the most stable project in the industry. The worst hit has been Ethereum which has lost almost 40% in the last one week from a high of $410 to making a low of $256 today.

While the price of Bitcoin continues to show several ups and downs - the markets continue to show faith in the currency. When the SEC's ETF delayed decision was announced, many expected that only bitcoin would be affected, but, bitcoin dragged down nearly all other altcoins with it. The Bitcoin community has been eagerly waiting for some positive outcome from the SEC since long as it would mean the entry of institutional investors into the crypto market.

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As far as Ethereum is concerned, the price drop in the Ether tokens is because of another reason. This has been driving down the price of Ether tokens.

Ethereum suffered a colossal sell-off during the early part of the week, dipping as low as $249 on Monday and leading many to wonder whether the second-largest cryptocurrency's status as a launchpad for initial coin offerings (ICOs) made it particularly vulnerable to the effects of the bear market.

The recent sell-off is so heavy and huge that numerous ICO-funded startups are having their current valuations to be much lower in comparison to what they had actually raised.

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