Cryptos fall on Friday but hold weekly gains
Bitcoin and its top 10 cryptocurrency rivals took a little step backward on Friday as investors continued to take profits after a strong few sessions during the previous seven days.
The newsflow was not particularly supportive – nor was it really negative – assuring another session of rangebound trade.
Chartists and bitcoin enthusiasts on Twitter and other social media remained upbeat about the recent price action and potential gains for the rest of the year.
Tom Lee on bitcoin year end price
Market strategist Thomas J Lee, chief financial advisor at Fundstrat and a bitcoin advocate, previously held a price target on bitcoin of $25,000 by the year end.
Overnight on CNBC he revised this price target down to $22,000 – still a massive gain from current levels. This would, of course, require a rally of similar proportions to that seen during December 2017 and January 2018.
From $25,000 to $22,000: Fundstrat’s Tom Lee Lowers Bitcoin Price Prediction https://t.co/7qTkUW58p6
— CCN (@CryptoCoinsNews) July 5, 2018
While bitcoin and its rivals have fallen over the past couple of trading sessions, their gains over the last seven trading days (which on many crypto platforms includes Saturday and Sunday) remain reasonably robust.
Here’s a round-up of today’s losses at around 11am London time, while in brackets are the seven-day trading gains:
- Bitcoin was down 2% at $6,515.70 (+11.5%)
- Ethereum fell 2.9% to $460.11 (+11.8%)
- Ripple shed 4.6% to $0.47 (+6.6%)
- Bitcoin cash lost 5.1% to $720.35 (+9.3%)
- Eos was down 6% at $ 8.52 (+16%)
- Litecoin slid 4% to $81.88 (+11.2%)
- Stellar lumens lost 5.1% to $0.20 (+14.2%)
- Cardano fell 6.5% to $0.14 (+22.2%)
- Iota lost 9.5% to $1.08 (+18.6%)
- Tether was flat at $1 (+0.6%)