Top Crypto Markets Report Losses, Bitcoin Hovers Around $11,000
The top-20 digital currencies by market capitalization are trading in the red zone
Friday, July 5 — the top-20 digital currencies by market capitalization are trading in the red zone, with only Chainlink (LINK) seeing daily gains, according to data from Coin360. Bitcoin (BTC) has been trading in a narrow corridor from $11,701 to $10,751 as its highest point during the day. The leading crypto has lost 6.25% over the past 24 hours, and is currently trading at $10,969. In terms of its weekly performance, bitcoin has seen a price drop by 2.73%.
Bitcoin has become less correlated with other cryptos in Q2 2019 due to a potential “flight-to-quality” in the recent bull run, according to a Binance report on crypto correlations released today. Average correlation between bitcoin and all other major crypto assets declined to 0.61 from 0.73 in Q1 2019.
Ethereum (ETH) has registered smaller losses on the day, with a 1.89% drop, and is trading at around $287.31 at press time. Its weekly chart shows that ETH fell to as low as $274.62 on July 2, while its highest point was $321.68 on June 30, subsequently correcting downwards and then sideways in the last few days. Earlier today, Justin Drake, an Ethereum 2.0 researcher at the Ethereum Foundation, said that ethereum might decrease issuance ten-fold by 2021.
Coin360 data indicates that Ripple (XRP) is down by 3.15% on the day to trade at around $0.381 at press time. The altcoin’s weekly performance shows that it has lost nearly 9%, while over the past month it is down by 4.84%. On the top-20 crypto list, only LINK is reporting gains, with over 6% up on the day. The coin is trading at around $3.62 at press time. Total market capitalization of all digital currencies is over $320 billion at press time, up from its intraweek low of around $290.5 billion on July 2. The daily trading volume of all coins is currently around $74.8 billion.
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