Investing.com – Bitcoin's fightback Tuesday proved to be short lived as traders ditched their crypto holdings, triggering a broad-based decline in the wider market.
Bitcoin fell 1.50% to $6,286.6 on the Bitfinex exchange.
Bitcoin traded in a narrow $160 range amid light trading volumes as its rebound to a high of $6,334.2 a day earlier was met with stern resistance, prompting traders to pull billions from the market.
The total market cap of cryptocurrencies fell to about $249 billion, at the time of writing, from $257 billion at the end of last week.
Some analysts have noted previously that a shrinking market cap, points to sluggish demand, denting the prospect of a sustainable recovery in the crypto market.
Bitcoin continued to lead direction in the wider market as other large-cap cryptos also gave up gains.
Ripple XRP fell 2.18% to $0.46800 on the Poloniex exchange, while Ethereum fell 4.51% to $438.48.
Bitcoin Cash fell 5.19% to $716.66, while Litecoin fell 3.65% to $78.92.