Bitcoin dips after latest all-time high
Total cryptocurrency market capitalisation falls by $800bn in the past 24 hours
Bitcoin fell by as much as 6% on Wednesday evening, after setting a new all-time high of $68,789.63 only hours beforehand.
By 12:30pm on Thursday, the world’s first and largest cryptocurrency traded down by 2.7% at $64,918. Its market capitalisation stood 2.6% lower at $1.2trn (£900bn), while its trading volume stood 39% higher at $50.1bn.
Although a correction of some kind is not uncommon after a record high, the fall is thought to have been partly triggered by the confusion surrounding Evergrande Group’s payment of overdue interest on dollar-denominated bonds.
The capitalisation of the total cryptocurrency market stood $80bn lower in the past 24 hours at $2.83trn, having started the year at $776bn.
Ethereum traded down by 0.8% at $4,692.52, having also reached a new all-time high of $4,859.50 on Wednesday. The world’s second-largest cryptocurrency’s market capitalisation stood 0.9% lower at $555.1bn, while trading volume stood 35% higher at $23.9bn.
Among the other prominent cryptocurrencies, Shiba Inu and Chainlink enjoyed some of the largest gains, rising by 5% and 2.8%, respectively. The likes of Litecoin and Internet Computer suffered some of the largest losses, falling by 8.3% and 7.8%, respectively.
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Across the wider digital asset space, Litherium enjoyed the largest gains rising by more than 400% to $0.5547. The cryptocurrency, which seeks to facilitate small-capital investment in the lithium concentrate space, enjoyed a 500% increase in market cap to $33m, while trading volume rose by 1,768% to $4.1m.
Kawaii Kiba suffered the largest loss, slumping by 81% to $0.000000000024. The token of the Kawaii Kiba project’s market capitalisation sank by 81.6% to $235,946.
All prices correct as of 12:30 (GMT).
Further reading: Bitcoin slump follows conflicting Evergrande reports