Following a mild correction which began yesterday, crypto markets have today tipped into deeper red.
Market visualization courtesy of Coin360
Bitcoin has sustained a 4.25% correction and is trading at $7,590 by press time. The top coin has seen considerable volatility this week, posting an intra-week low of under $7,100 on May 17 before surging to the $8,250 mark on May 20.
The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018.
Today’s renewed correction has brought bitcoin a 5.24% loss on its 7-day chart.
Bitcoin 7-day price chart. Source: CoinMarketCap
Largest altcoin by market cap ether (ETH) has seen a heftier loss, down 7.9% on the day to press time to trade at $235.85. Ether has seen a jaggedly downward trend on its 7-day chart, having peaked at $273 on May 16. The top alt is now trading 8.66% down on the week.
Ether 7-day price chart. Source: CoinMarketCap
XRP has seen a 7.2% price dip on the day to trade at $0.37 by press time. Like ether, the asset saw its weekly peak on May 16, followed by a second recovery on May 20. With today’s accelerated downturn, XRP is reporting a 15.2% loss on the week.
XRP 7-day price chart. Source: CoinMarketCap
Among the top ten cryptocurrencies, all are red. The market-wide price downturn includes a 10.8% loss for 10th largest crypto cardano (ADA), a 9% loss for fourth ranked coin bitcoin cash (BCH), and an 8.8% loss on the day for stellar (XLM), ranked 9th.
Widening out to the top twenty, all coins are again unanimously red, with several posting double digit losses. These include nem (XEM) — ranked 20th and down 13.15% on the day — 15th largest coin iota (MIOTA), which is down 11.8% on the day, and dash (DASH), ranked 14th and down 10.7%.
The total market capitalization of all cryptocurrencies is currently around $234.77 billion — remaining roughly $10 billion higher than its intra-week lows — with bitcoin dominance at 57.2%.
Total market capitalization of all cryptocurrencies. Source: CoinMarketCap
In an interview yesterday, crypto trader Anthony Grisanti of NYMEX anticipated that bitcoin would likely correct back to $7,000 and consolidate recent gains.
Earlier this week, crypto fund manager Brian Kelly gave his short-term forecast, telling CNBC that an upcoming supply cut — or the “halvening,” next due to take place in 2020 — could boost bitcoin prices rise further in the coming months.
In traditional markets, Indian stock markets soared following news of incumbent Prime Minister Narendra Modi’s anticipated landslide victory, before swiftly correcting downwards, as the Economic Times of India reports live.
Earlier in the day, the Sensex — a stock market index of 30 companies listed on the Bombay Stock Exchange — soared 1,000 points to break past the 40,000 mark for the first time ever, with the Nifty 50 — the National Stock Exchange of India’s stock index for the equity market— crossing the 12,000 mark, setting a new record high. To press time, the Sensex has scaled back down and is trading at 39,103 levels, with the Nifty 50 at around 11,750.