Following a move to a seven-week high, the crypto markets had shed US$5 billion[AU$77.3 billion] overnight as traders take profits—and so the correction begins.
The move has dropped total capitalization back to $245 billion, but this is still up 13% this time last week, and 37% at the same time last month, according to CoinMarketCap.
Bitcoin has taken a breather in a fall back to $8,750 and further losses could be on the cards as more profit is taken off the table.
On the longer time frame, there has been a “bullish engulfing candle” that acts as a trend reversal 63% of the time.
Other altcoins are all retracting today with Ethereum dropping four percent back to $210. Meanwhile, ETH must hold above the psychological $200-barrier for it to be considered bullish again.
Furthermore, larger corrections have been seen with XRP, Bitcoin Cash, SV, EOS, Tezos, Stellar, and Cardano which have all lost over six percent on the day.
The big question now is, can the momentum continue over the weekend or will the digital asset markets shed all of their recent gains?
Image courtesy of WorldSpectrum/Pixabay
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