Investing.com – Bitcoin managed to hold its ground on Friday after a sharp correction a day earlier wiped nearly $2,000 off its price.
rose 0.8% to $11,874.1 on the Investing.com Index by 10:14 AM ET (14:14 GMT).
Friday’s bounce came after a nearly 14% correction a day earlier, that took the largest digital coin by market cap from above $13,000 to just below $11,300.
Analysts attributed Thursday’s tumble to profit taking after a two-week rally from just $7,888.
Bitcoin remains on track for weekly gains of 21% and has still surged 220% this year from $3,709 at the end of 2018, though it remains a far cry from all-time highs nearly $20,000.
Cryptocurrencies overall also staged a recovery after Thursday’s correction wiped out nearly $50 billion of value. The total crypto market capitalization rose to $336.68 billion, compared to $318.61 billion a day earlier.
Among bitcoin’s closest rivals, dipped 0.5% to $306.63, fell 3.1% to $0.41274, edged forward 0.1% to $426.9, while traded up 3.0% at $119.096.
Written By: Investing.com