Though Bitcoin, which is the largest virtual currency by virtue of market capitalization, witnessed a steep drop of over 20 percent, the last one hour has seen a recovery. The recovery in digital currency price was not restricted to bitcoin alone and extended to other cryptocurrencies too.
Bitcoin managed to recover from more than 20 percent drop at one point in time to erase all losses to post a gain of 2.09 percent at about 9.50 ET. The digital currency slipped below the psychological level of $9,000 to trade at $8,371. As a result, the market capitalization dipped below $350 billion level for the first time after February 14.
However, the cryptocurrencies have suffered losses for the week. Though Bitcoin has shed 16.30 percent, there are other virtual currencies that dropped more than 35 percent in the seven-day period.
For instance, MediBloc, which is ranked 154th in terms of market cap, managed a gain of 12.29 percent in the last one hour. However, the digital token plunged 39.75 percent for the week. Similarly, ETHLend could add 1.01 percent during the last one hour period but witnessed a steep drop of 40.6 percent in the 7-day period.
The second biggest market capped digital currency, Ethereum (ETH) could gain 2.05 percent during the past house and lost 18.0 percent for the week. Similarly, Ripple (XRP) managed a gain of 3.78 percent but lost 8.72 percent during the review period.
There were at least two negative sentiments that could be attributed to the weekly losses. One was the shutting down of the two cryptocurrency exchanges in Japan though temporarily. The other was the SEC’s move to bring trading of digital currencies under its purview.