Most cryptocurrencies are trading marginally lower on Thursday, continuing what’s been a rather subdued beginning to the year for the nascent digital currency market.
Bitcoin, BTCUSD, -1.22% the world’s largest digital currency, was last changing hands at $3,896.29, down 0.9% since Wednesday at 5 p.m. Eastern Time on the Kraken crypto exchange and the value of a single coin has remained within the $3,500 – $4,000 range over the past eight trading sessions.
“Gains across most of the popular crypto assets have been rather mild lately,” wrote Mati Greenspan, senior market analyst at eToro. “While it’s good to see bitcoin holding steady, we’re actually starting to see a side of the market that is more typical during a bull run.”
Ether retakes 2nd place on list of largest cryptocurrencies
Ether, ETHUSD, -3.80% the cryptocurrency that runs on the ethereum network, has regained its title as the second-largest digital currency. After falling more than 90% from an all-time high above $1,400, to around $80, the coin associated with crypto ventures has surged more than 80% and now accounts for 11.5% of the total market value of all coins, 0.3% more than Ripples’s XRP coin.
Market share of all coins
Elsewhere in the altcoin trading — the market for coins other than bitcoin — Litecoin LTCUSD, -3.48% was off 3.3% to $31.92, XRP, XRPUSD, -3.29% was down 2.8% at 36 cents, and Bitcoin Cash BCHUSD, -2.58% had lost 2.3% to $162.70.
Bitcoin futures have ticked lower in early trading. The Cboe Global Markets February contract XBTG9, -0.98% was down 0.4% at $3,790, and the CME Group February contract BTCG9, -0.92% was off 0.9% at $3,780.