Leading cryptocurrencies ended the week with a knock back in prices after Bitcoin had looked like bursting through the $10,000 ceiling again.
But the long-awaited surge failed to materialise.
The result is Bitcoin ended the week’s trading at $8,338 – down more than $1,500 in the week and with $25 billion wiped off the market cap.
In percentage terms, that’s a 15% loss of value and more than a 12.5% loss in market cap.
Ethereum suffered a similar fate.
Trading values were down $140 in the week, from $802 to $661, while the market cap slipped from $80 billion to $66 billion.
And where Bitcoin and Ethereum led the market, the others were sure to follow.
Litecoin was down $28 from $165 to $138, while the market cap dropped $1.5 billion to $7.79 billion.
Have cryptocurrencies found their level?
All the cryptocurrencies are trading well above their low for the year – but the bad news is they are well off their peak prices as well.
All of them could double in value and still register less than their highest price in the past 12 months.
The volatility is not unexpected.
After all, Bitcoin has had a rollercoaster ride since topping out at just below $20,000 in December.
However, rises and falls in the market are hard to predict as the value of cryptocurrencies is not tied to a product, service or asset.
If a feeling grips the market, it’s hard to identify a trigger – and that uncertainty is leaving many institutional investors cold on cryptocurrencies.
Investors are desperately looking for some hope for the future, but recent trading would suggest cryptocurrencies have found their level for a while.
Here are the latest trading prices from cryptocurrency tracker cryptocompare.com.
|A week ago||$9,759.20||$802.93||$164.76||$0.91||$499.46|
|One month ago||$7,740.45||$467.43||$125.18||$0.60||$343.06|
|Three months ago||$8,084.61||$811.24||$149.06||$0.96||$577.95|
|A year ago||$1,686.39||$87.96||$26.76||$0.20||$85.23|
|High in year||$19,345.49||$1,385.02||$346.87||$2.78||$1,433.41|
|Low in year||$1,686.39||$85.15||$22.83||$0.01||$85.23|
|Market cap this week (billions)||$142.89||$65.83||$7.79||$25.45||$3.18|
|Market cap last week (billions)||$166.28||$79.79||$9.29||$35.23||$4.04|
|Market cap change in week (billions)||-$23.39||-$13.96||-$1.50||-$9.78||-$0.86|