Digital asset markets fell hard during the early morning trading sessions on May 17 as the price of bitcoin core (BTC) quickly tumbled from $7,900 to a low of $6,200 on Bitstamp. Many other crypto markets followed BTC’s drop in value, but over the last few hours, a good portion of coins have regained a percentage of the intraday losses.
Crypto Markets Dump In Unison
Markets faced extreme volatility on May 17, as the price of many coins nosedived in value from the previous day’s high. Currently, the entire market capitalization of the whole cryptoconomy is roughly $226 billion, but close to $30 billion was shaved off the overall valuation since the dump. At the moment, on Friday afternoon, the price of bitcoin core (BTC) is roughly $7,085 and is down 10.9% in the last 24 hours.
The second largest market valuation belongs to ethereum (ETH) markets which are currently down more than 13.6% today. Each ETH is swapping for $229 per coin and the market capitalization is roughly $24.3 billion. Ripple (XRP) prices are down 12.6% and each XRP is swapping for $0.36. Lastly, eos (EOS) holds the fifth largest market cap today, after knocking litecoin (LTC) out of the position. One eos is trading for $5.83 per coin and the market is down 10.9%.
Bitcoin Cash (BCH) Market Action
The fourth highest valued market cap on May 17 is bitcoin cash (BCH) which has lost 14.7% since the initial dip.