Bitcoin Hovers Over $3,850 as Most Top Cryptos See Losses
Most of the top 20 cryptocurrencies are reporting minor to average losses, as Bitcoin hovers near the $3,850 mark.
Market visualization from Coin360
At press time, Bitcoin is down little over half of a percent on the day, trading at around $3,858, according to CoinMarketCap data. Looking at its weekly chart, the current price is over 6 percent lower than $4,142, the price at which Bitcoin started the week.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) is holding its position as the largest altcoin by market cap, which by press time is over $14 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $13 billion by press time.
ETH is down by 2.5 percent over the last 24 hours, according to CoinMarketCap. At press time, ETH is trading around $134, after having started the day at $138. On its weekly chart, Ethereum has seen its value decrease over 15 percent from $157, the price at which the coin started the week.
Ethereum 7-day price chart. Source: CoinMarketCap
This week, Ethereum’s Constantinople and St. Petersburg network upgrades went live on the main network at block 7,280,000.
Ripple has lost about two percent in the 24 hours to press time and is currently trading at around $0.315. On its weekly chart, the coin lost almost five percent from $0.331, the price at which XRP started the week.
Ripple 7-day price chart. Source: CoinMarketCap
This week, the research arm of top crypto exchange Binance published an analysis of JPMorgan Chase's recently announced inter-bank stablecoin, arguing that the digital coin brings “minimal direct competition” to XRP, for now.
The total market capitalization of all cryptocurrencies currently amounts to $130.1 billion — which is about 7.5 percent less than $140.6 billion, the value reported one week ago.
As Cointelegraph recently reported, the United States Federal Reserve is considering the inclusion of this year’s Bitcoin market collapse as one of the “salient risks” to be taken into account for its supervisory stress tests.
This week, intergovernmental organization the Financial Action Task Force published preliminary guidelines for cryptocurrencies.