Bitcoin suffers biggest-intraday-price drop over a year in a major crypto market correction
Bitcoin price has taken the downtrend on May 17, trading at $7,346 from $8,300 the previous day accounting for 8% drop.
This bullish price trend had not been seen since August 2018. In spite of this major correction, the top coin retains a strong gain of 16.61% in a week's period.
Eos and litecoin (LTC) are down 7.9% and 8.6% on the day respectively, while native exchange token binance coin (BNB) is showing relative resilience — down 2.35% on the day — notwithstanding the recent high-profile hack of the exchange.
Among the top ten cryptocurrencies, all are red, except for stablecoin tether (USDT). The market-wide price downturn includes an 11.8% loss on the day for stellar (XLM), an 11% loss for cardano (ADA) and a 10.2% loss for bitcoin cash (BCH).
The total market capitalization of all cryptocurrencies is currently around $230.15 billion — down from over $262 billion on May 16.