According to data from Coinmarketcap, the cryptocurrency market capitalization tumbled nearly over 123 billion on Friday as most of the plunged more than 30 percent.
According to Coindesk, Bitcoin, the largest cryptocurrency by market capitalization, was down more than 44 percent to $10,891 from its high hit Sunday. But it covered some of its lost in the early trading Friday morning and was traded at $12,939 at 10;44 a.m. ET. The price of bitcoin hit a all-time high of 19,800 on Sunday.
“The sharks are beginning to circle here, and the futures markets may give them a venue to strike,” said Ross Norman, chief executive officer of London-based bullion dealer Sharps Pixley Ltd., “Bitcoin’s been heavily driven by retail investors, but there’ll be some aggressive funds looking for the right opportunity to hammer this thing lower.”
Other cryptocurrencyies also dropped from its recent highs. According to Coinmarketcap, Ethereum, the second largest cryptocurrency by market cap, fell nearly 20 percent to $655. Bitcoin Cash also plunged 26 percent to $2,400. Ripple price fell bellow $1, trading 10 percent lower to $0.99.
“A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes,” said Charles Hayter, founder and chief executive of industry website Cryptocompare in London, Reuters reported, “A lot of traders have been waiting for this large correction.”