Published: Aug 10, 2018 8:29 a.m. ET Support at $6,000 looks set to be tested over the coming sessions After a brief reprieve on Thursday, when most digital currencies finish in the green, all major coins showing losses in early New York trading on Friday. Bitcoin
the world’s largest digital currency was last changing hands at $6,308.79, down 3.1% since Thursday at 5 p.m. on the Kraken cryptocurrency exchange, after reaching 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 Friday morning. 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.” The underperformance in altcoins continued on Friday.
is down 2% to $355.80, Bitcoin Cash
is trading lower by 3% at $588.80, Litecoin
has lost 4.1% to $60.92 and Ripple’s XRP
is the worst performing altcoin, down 4.3% to 33 cents. After getting back on track Thursday, bitcoin futures are lower Friday. Read more from marketwatch.com…
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