Bitcoin Hovers Over $7,000 as Top Cryptos See Mild Correction

Sunday, May 12 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) holds over the $7,000 mark.

Market visualization courtesy of Coin360

Bitcoin is down about 1.5 percent on the day, trading at $7,040 at press time, according to CoinMarketCap. Still, BTC is also over six percent down from its mid-day high of $7,500. Looking at its weekly chart, the coin is up nearly 23%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $20 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $13.4 billion at press time.

CoinMarketCap data shows that ETH is down over 2.25% over the last 24 hours. At press time, ETH is trading around $189. On the week, the coin has also seen its value increase by over 16%.

Ether 7-day price chart. Source: CoinMarketCap

CEO of crypto analytics firm Messari Ryan Selkis recently predicted that Ethereum version 2.0’s transition to proof-of-stake (PoS) will not take place until 2021.

XRP is down just a fraction of a percent over the last 24 hours and is currently trading at around $0.317. On the week, the coin is up 6%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, only three coins are posting gains on the day to press time. Bitcoin cash (BCH), binance coin (BNB) and dash (DASH) are all in the green up to 2.5%.

At press time, the total market capitalization of all cryptocurrencies is $212 billion, over 17% higher than the value it reported a week ago.

Total market capitalization 7-day chart. Source:CoinMarketCap

As Cointelegraph reported yesterday, Galaxy Digital CEO Michael Novogratz said that bitcoin won’t change the world as it is just a store of value, but decentralized web 3.0 will.