Yesterday’s mild correction in the crypto markets has spilled over to Thursday, with the cryptocurrency market slipping deep into red territory.
Bitcoin (BTC) has failed to consolidate above $8,000 and has tanked for the second day in a row, losing over 4.5% on the day to currently trade at $7,660 against the U.S. dollar, according to data on CoinMarketCap.
Bitcoin has been quite volatile over the last few days, with coin surging from lows of $7,000 over the weekend to hit levels above $8,200 on May 21. But the current decline means that bitcoin is in the red both on its daily and weekly charts.
The correction has pushed BTC over 3.84% down its 7-day chart.
Ethereum (ETH), much like the rest of the top ten cryptocurrencies, had shed a lot more during early European trading hours before a slight upsurge saw it cut the deficit. ETH was trading 7.9% lower on the day but now exchanges hands 5.29% lower.
ETH is trading at just above $239 to the dollar but is more than 7.7% lower on its seven-day chart.
The third largest crypto by market cap XRP dropped by more than 7.1% in the earlier session. However, its price has dipped to $0.37 currently and is 4.56% lower on intra-day trading. The altcoin’s losses over the week are more than 12.24% at press time.
The rest of the top ten cryptocurrencies are all trending red, with Bitcoin Cash (BCH) currently trading at $388 and 4.45% down. EOS is trading at $5.90 and is 4.91% in the red, while Litecoin (LTC) is changing hands at $87, having lost more than 3.4% on the day.
Binance coin (BNB), which has declined 1.94% on the day, is the only top ten cryptocurrencies in the green over the seven-day period at 17.53%.
Losses among the major cryptocurrencies have walloped crypto’s total market capitalization, which currently stands at $238 billion. Bitcoin’s dominance has risen to above 57%.