The cryptocurrency market entered the correction phase on Thursday after a sharp rise the day before. The price of Bitcoin again fell below the key level of $ 5,000 and reached 4920. Ethereum lost more than 10% and fell to a level of $ 155, and XRP reached 0.3290. After two days of sharp growth, the price of Bitcoin went into the overbought zone, so a correction was inevitable. It is important to note that the fall in quotations did not reach 50% of the previous growth, so you can count on the continuation of the uptrend. At the same time, the traditional analysis is not always applicable to the cryptocurrency market, since relatively low volumes allow large players to manipulate prices. One of the reasons for the sharp rise in cryptocurrency in recent days can be several large transactions with Bitcoin, conducted on the three main exchanges almost simultaneously. In turn, the main cryptocurrency traditionally “dragged” courses of other assets.
The main cryptocurrencies stabilized on Friday, the market entered a phase of consolidation after a sharp jump to the top, when Bitcoin rose above the psychological mark of 5 thousand dollars. Bitcoin rate, according to Libertex, at 10.30 per day decreased by 0.71% - to 4,940 dollars with a capitalization of 87.5 billion dollars. Ethereum by this time rose in price by 1.48% - to 162.4 dollars with a capitalization of 17.2 billion dollars.