Bitcoin Hovers Over $3,550 as Top Cryptos See Slight Losses
Most of the top 20 cryptocurrencies are seeing slight to moderate losses, with Bitcoin hovering over $3,570.
Market visualization from Coin360
At press time, Bitcoin is down just a fraction of a percent on the day, trading at around $3,580. Looking at its weekly chart, the current price is about $100 lower than $3,682, the price at which Bitcoin started the week.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP) is down just over 1 percent on the day, trading at around $0.317 at press time. On the weekly chart, the current price is lower than $0.331, the price at which XRP started the week — and down from $0.333, the midweek high reported on Jan. 19.
Ripple 7-day price chart. Source: CoinMarketCap
Second largest altcoin Ethereum (ETH) has seen its value decrease by about half a percent over the last 24 hours. At press time, ETH is trading at $117, having started the day around the same price. The coin dropped sharply today a few hours before press time to as low as $114.
On the weekly chart, Ethereum’s current value is about 8.5 percent lower than $128, the price at which the coin started the week.
Ethereum 7-day chart. Source: CoinMarketCap
Among the top 20 cryptocurrencies, the coin experiencing the most notable price action is Tron (TRX), which is up close to 3 percent on the day.
The combined market capitalization of all cryptocurrencies — currently equivalent to about $119.5 billion — is lower than $122.8 billion, the value it reported one week ago. Total market cap also saw a sharp decline downwards today, dipping to $117 billion, before regaining value in the hours to press time.
Total crypto market cap 7-day chart. Source: CoinMarketCap
Also, recently news broke that Huw van Steenis, senior adviser to the Bank of England’s governor, told reporters in Davos, Switzerland that cryptocurrencies fail fundamental tests of financial services.