Friday, May 17 — after a week of deep green and bullish price performance, crypto markets today are seeing a major correction, with bitcoin (BTC) dropping below the $7,350 mark, as Coin360 data shows.
Market visualization courtesy of Coin360
Bitcoin has taken a steep price hit, dropping 8% on the day to trade at $7,346 to press time. The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018.
Despite today’s major correction, bitcoin retains a strong gain of 16.61% on the week.
Bitcoin 7-day price chart. Source: CoinMarketCap
Largest altcoin by market cap ether (ETH) has seen a slightly milder drop, and is down 6.3% on the day to press time to trade at $240. The dip follows an intra-week high of above $270 yesterday. Nonetheless, the altcoin retains a 38.7% gain on its 7-day chart.
Ether 7-day price chart. Source: CoinMarketCap
XRP has taken a double digit percentage tumble, dropping 10.9% on the day to trade at $0.38 by press time. As in the wider market, XRP saw an intra-week high yesterday. Even with today’s substantial correction, XRP nonetheless holds a strong 27.3% gain on the week.
XRP 7-day price chart. Source: CoinMarketCap
Among the top ten cryptocurrencies, all are red, except for stablecoin tether (USDT). The market-wide price downturn includes an 11.8% loss on the day for stellar (XLM), an 11% loss for cardano (ADA) and a 10.2% loss for bitcoin cash (BCH).
Eos and litecoin (LTC) are down 7.9% and 8.6% on the day respectively, while native exchange token binance coin (BNB) is showing relative resilience — down 2.35% on the day — notwithstanding the recent high-profile hack of the exchange.
Widening out to the top twenty, all coins are again in the red, except for 17th largest altcoin cosmos (ATOM), which has seen a non-correlated 7.3% price hike. Red market action spans an 11.2% loss for tron (TRX), a 10.6% loss for dash (DASH) and a 12.3% loss for bitcoin SV (BSV).
Tezos (XTZ) has seen the mildest price hit, losing just 1.15% on the day to trade at $1.66 to press time.
The total market capitalization of all cryptocurrencies is currently around $230.15 billion — down from over $262 billion on May 16.
Total market capitalization of all cryptocurrencies. Source: CoinMarketCap
In response on today’s major market correction, eToro analyst Mati Greenspan has commented that:
In traditional markets, United States stock index futures opened lower this morning, as a mark of ongoing trade tensions between the US and China, as CNBC reports. As of 3:00 a.m. ET, Dow futures reportedly fell 62 points, CNBC notes, with futures on the S&P 500 Index and Nasdaq also slightly down.
