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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Top 3 Coins' Price Prediction: Bearish bias intact despite tepid recovery attempts

The world’s no. 1 digital coin, Bitcoin, is seen driving the broader market. However, the third most traded cryptocurrency, Ripple, fails to benefit, as it continues to lose nearly 4% so far this Sunday. 

More Cryptocurrencies News

Bitcoin Cash: Choppy inside falling wedge, with limited upside

Bitcoin Cash (BCH/USD) breached Thursday’s low of 302.41 but managed to hold the 302 handle before staging a comeback.  Despite the latest recovery attempt, the price is down 3% in the last 24 hours.

More Bitcoin Cash News

IOTA technical analysis: Sell the bounce, as bears still eye 0.2550/25

IOTA (IOT/USD), the 17th largest cryptocurrency, risks further downside in the near-term amid bearish technical setups on different time frames. 

More IOTA News


Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast