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.

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