Cryptocurrency prices are trading sharply lower on Thursday, with some major coins recording double-digital losses.
In Thursday trading a single bitcoin, BTCUSD, -5.62% the largest cryptocurrency, was fetching $3,810.53, down 5.4% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The broad-based selloff has erased close to $10 billion off the total value of all digital currencies.
“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizeable pick-up 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 early Thursday. Ether has lost 12% to $131.66, Litecoin LTCUSD, -13.30% was off 11.7% to $34.57, Bitcoin Cash BCHUSD, -11.70% was off 13.1% at $137.40 and XRP, XRPUSD, -6.61% was trading 5.9% lower at 34 cents.
Bitcoin futures have tracked spot prices lower on Thursday. The Cboe Global Markets February contract XBTG9, -6.15% XBTG9, -6.15% XBTG9, -6.15% was off 5.9% at $3,750, and the CME Group February contract BTCG9, -5.40% had shed 5.8% and was also trading at $3,750.
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.
Aaron Hankin Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.