admin August 11, 2018


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.

Bitcoin












BTCUSD, -1.23%










the world’s 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. “Long 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,” wrote Jani Ziedins of CrackedMarket on Friday.

During this 13-day stretch, the total market cap for all cryptocurrencies has fallen $70 billion, while bitcoin’s dominance has increased, reaching a 2018 high of 49.1% of all cryptocurrencies. “Basically, we see a few factors that are incrementally favorable for BTC and only 1 factor that supports altcoins,” wrote Tom Lee, managing partner at Fundstrat Global Advisors. That lone positive, he said, is the incremental capital allocation to ICOs.

Fundstrat Global Advisors


Altcoins continue to lose ground

The underperformance in altcoins continued on Friday. Ether












ETHUSD, -7.18%










is down 2.4% to $354.50, Bitcoin Cash












BCHUSD, -5.14%










is trading lower by 2.8% at $590.30, Litecoin












LTCUSD, -5.79%










has lost 3.2% to $61.52 and Ripple’s XRP












XRPUSD, -6.87%










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.’s August contract












XBTQ8, -4.36%










finished down 1.6% at $6,377.50 and the CME Group Inc.’s August contract












BTCQ8, -4.57%










closed the week down 1.2% to $6,390.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.



Source link

Leave a comment.

Your email address will not be published. Required fields are marked*