After a month and a half of extremely bullish price action, Bitcoin (BTC) is finally experiencing a correction from its local high of $8,300 on May 15. On Friday, May 17, Bitcoin plunged briefly below $7,000 and is now currently holding support above $7,000.
However, despite today’s major correction, Bitcoin is showing a strong gain of 16.6% on the week. Whether it can maintain this gain, is yet to be determined.
The second-largest cryptocurrency by market cap, Ethereum (ETH), is also experiencing a correction after reaching a weekly high above $270. Ether is currently down 13% on the day and hovering around $230.
Despite the major altcoin’s correction, Ethereum is still up nearly 34% on the week. However, this indicates there is still a lot of room to go down if this correction continues into the weekend.
Another major altcoin taking a big hit today is Ripple’s XRP. At the time of writing, XRP is down 12% on the day and is currently trading at $0.37, down 10 cents from its local high of $0.47 on May 15.
Again, despite today’s correction, XRP is still up nearly 25% on the week.
As for the rest of the crypto market, nearly everything is in the red. This is to be expected, as the greater crypto market still follows Bitcoin.
Seeing as the crypto markets experienced extremely bullish price action in the past week, it’s likely this market correction will carry into the weekend. However, market participants who missed out on this latest run will be eager to get in on the action this time around.
Therefore, we can expect to see strong price volatility for the foreseeable future.
How much do you think Bitcoin, Ethereum, and XRP will continue to drop? Let us know what you think in the comment section below.