Cryptocurrency market update: Bitcoin and major altcoins extend the downside correction
|- BTC/USD is trading well below $8,000 as the correction is gaining traction.
- Altcoins are nursing significant losses.
Bitcoin and all major altcoins have extended the downside correction during early Asian hours on Friday. All top-20 coins are nursing losses from 4% to 15% on a day-on-day basis, which is still may be regarded as a natural correction from strongly overbought levels. The total capitalization of all digital assets in circulation hit $243 billion from $263 billion on Thursday, while an average daily trading volume jumped to $111 billion.
Top-3 coins price overview:
- Bitcoin dropped below $7,800, down over 5% from this time on Wednesday and 1.5% from the beginning of Friday. The largest digital coin is moving within a short-term bearish trend amid low volatility. At the time of writing, BTC/USD is changing hands at $7,760.
- Ethereum, the second biggest digital asset, has lost nearly $2 billion of its value. Currently, Ethereum has a market capitalization of $26.8 billion. ETH/USD is down 4.5% from this time on Thursday, changing hands at $252 at press time.
- Ripple's XRP is trying to settle at $0.40; however, the short-term bearish pressure remains strong even after the coin has lost over 13% of its value in recent 24 hours. The third largest coin has a total capitalization of $17.0 billion from $19.8 billion the day before.
The biggest market-movers:
- TRON (TRX) is the biggest loser of the day, down 15% on a day-on-day basis. TRX/USD is changing hands at $0.0277. The coin takes the 11th place in the cryptocurrency rating with the current market value of $1.8 billion.
- Bitcoin SV is another loser, down 15% since Thursday. At the time of writing the Bitcoin Cash fork is trading at $62.51 amid intense downside pressure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.