Bitcoin Treads Water Below $12,000 After Sharp Correction

Investing.com - Bitcoin managed to hold its ground on Friday after a sharp correction a day earlier wiped nearly $2,000 off its value.

Bitcoin 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 of 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, Ethereum dipped 0.5% to $306.63, XRP fell 3.1% to $0.41274, Bitcoin Cash edged forward 0.1% to $426.9, while Litecoin traded up 3.0% at $119.096.

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