Cryptocurrency prices are trading sharply lower on Thursday, with most major coins showing double-digit declines.
In Thursday trading a single bitcoin,
BTCUSD, -9.42%
the largest cryptocurrency, was fetching $3,637.10, down 9.2% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency traded to an intraday low at $3,577, its lowest level since Dec. 18.
The broad-based selloff has erased more than $15 billion off the total value of all digital currencies, which currency stands at $122.6 billion, according to data from CoinMarketCap.
“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizable pickup in volume. Double-digit losses were recorded in some coins, while Ripple (the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.
“The selling was accompanied by heavy turnover — just under $20 billion — normally a bearish sign, especially after the quiet market conditions this week to date. The cryptocurrency market as a whole lost just under $9 billion in one hour.”
Read: Winklevoss twins’ Gemini cryptocurrency ad campaign hopes to ignite the ‘people’s movement’
Altcoins, cryptocurrencies other than bitcoin, are showing significant losses on Thursday. Ether has lost 14.9% to $127.90, Litecoin
LTCUSD, -15.35%
was off 14.7% to $33.42, Bitcoin Cash
BCHUSD, -15.69%
was off 15.3% at $133.90 and XRP,
XRPUSD, -10.62%
was trading 10% lower at 33 cents.
Bitcoin futures have tracked spot prices lower on Thursday. The Cboe Global Markets February contract
XBTG9, -9.91%
XBTG9, -9.91%
XBTG9, -9.91%
was off 9.6% at $3,605, and the CME Group February contract
BTCG9, -9.42%
had shed 9.5% to $3,605.
Read: This chart pattern spells renewed danger for bitcoin, analyst says
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.