Can Bitcoin recover after this decrease? Future price in the next coming weeks. Read down below to find out more.
Cryptocurrency prices are trading sharply lower on Thursday, with most major coins showing double-digit declines.
In Thursday trading a single bitcoin, BTCUSD, -0.46% the largest cryptocurrency, was fetching $3,637.10, down 9.2% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency traded to an intraday low at $3,577, its lowest level since Dec. 18.
The broad-based selloff has erased more than $15 billion off the total value of all digital currencies, which currency stands at $122.6 billion, according to data from CoinMarketCap.
“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizable pickup in volume. Double-digit losses were recorded in some coins, while Ripple (the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.
“The selling was accompanied by heavy turnover — just under $20 billion — normally a bearish sign, especially after the quiet market conditions this week to date. The cryptocurrency market as a whole lost just under $9 billion in one hour.”
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Altcoins, cryptocurrencies other than bitcoin, are showing significant losses on Thursday. Ether has lost 14.9% to $127.90, Litecoin LTCUSD, -1.34% was off 14.7% to $33.42, Bitcoin Cash BCHUSD, -3.59% was off 15.3% at $133.90 and XRP, XRPUSD, -0.60% was trading 10% lower at 33 cents.
Bitcoin futures finished Thursday in the red. The Cboe Global Markets February contract XBTG9, +0.00% XBTG9, +0.00% XBTG9, +0.00% closed the session down 9.9% at $3,590, and the CME Group February contract BTCG9, +0.00% ended trading down 9.7% at $3,595.
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