Bitcoin Undergoes Price Correction After Breaching $11,000, Ethereum Hits 10-month High

The cryptocurrency market is undergoing a healthy price correction after Bitcoin (BTC) crossed the crucial psychological level of $10,000 to hit a new yearly high of $11,123. In the past 24 hours, Bitcoin has lost 3.8% to trade at $10,697.

However, it still trades with a weekly gain of 21% and has a market cap of $189 billion at the time of writing this article.

In the meantime, Ethereum, the smart contract supporting blockchain platform, widely preferred by app developers saw its native cryptocurrency ETH Hit 10-Month High of $317.33.

As Bitcoin started correcting, it has triggered profit booking in ETH as well. Still, ETH has lost only 1% in the past 24 hours to trade at $310.50. ETH, the native currency of the blockchain developed by Vitalik Buterin, continues to trade with a weekly gain of 15% and has a market cap of $32.95 billion.

Likewise, XRP, the native currency of blockchain based real-time gross settlement platform provider Ripple, is trading at $0.4750, down 4.4% in the past 24 hours. XRP, however, trades with a weekly gain of 15% and has a market cap of $20.03 billion.

Notably, it was reported yesterday that Grayscale Ethereum Trust (ETHE), which is Ethereum-based security, has been listed in OTC Markets. Among the top 20 cryptos by market cap, NEO (NEO) trades at $17.24, representing a 24 hour gain of 3% and weekly gain of over 34%.

At the time of writing this article, the total market capitalization of all cryptocurrencies is $326.81 billion, an increase of 15% from last week.

Notably, Bitcoin’s hash rate, the total computing power of the bitcoin network, hit a record high of 65.19 trillion hashes per second (Th/s).

Regarding the steep rise in hashrate, Keiser Report host and Bitcoin bull Max Keiser said “Hashrate (more often than not) leads price. This is something not even (Bitcoin’s) most ardent supporters understand. It’s the heart of the incentive scheme. It’s Satoshi’s ability to hack humans to create Gold 2.0.”

The hashrate easily beats the 60 Th/s recorded in late September 2018.