After a brief reprieve on Thursday, when most digital currencies finished in the green, all major coins put up losses in U.S. trading hours Friday.
the worldâs largest digital currency, was last changing hands at $6,385.77, down 1.9% since Thursday at 5 p.m. on the Kraken cryptocurrency exchange. It reached an overnight high of $6,621.71.
With just two winning sessions since July 29, the outlook for bitcoin is anything buy rosy. âLong gone are the hopes of retaking $8k and now only a few hundred dollars separates us from another lower-low. This chart is very sick and we still have a way to go before this over,â wrote Jani Ziedins of CrackedMarket on Friday.
During this 13-day stretch, the total market cap for all cryptocurrencies has fallen $70 billion, while bitcoinâs dominance has increased, reaching a 2018 high of 49.1% of all cryptocurrencies. âBasically, we see a few factors that are incrementally favorable for BTC and only 1 factor that supports altcoins,â wrote Tom Lee, managing partner at Fundstrat Global Advisors. That lone positive, he said, is the incremental capital allocation to ICOs.
Altcoins continue to lose ground
The underperformance in altcoins continued on Friday. Ether
is down 2.4% to $354.50, Bitcoin Cash
is trading lower by 2.8% at $590.30, Litecoin
has lost 3.2% to $61.52 and Rippleâs XRP
is the worst performing altcoin, down 4.9% to 33 cents.
After getting back on track Thursday, bitcoin futures finished the week on a sour note. The Cboe Global Markets Inc.âs August contract
finished down 1.6% at $6,377.50 and the CME Group Inc.âs August contract
closed the week down 1.2% to $6,390.
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