On July 10, most digital currencies experienced a sharp decline in prices. This came after Bitcoin briefly surpassed the $13,000 mark.
At the moment, Bitcoin is trading at a little more than $12,000, after falling more 3.5% for the day. Still, for the week the world's leading digital currency is up by more than 4%.
Ethereum, which is the second largest digital currency in the world by market capitalization, had an even worse day than Bitcoin. It fell by more than 6% and is currently trading at a little less than $290. For the week, the cryptocurrency is down by 2.5%.
Ripple, which is the world's third largest digital currency, fared even worse. It fell nearly 8.5% for the day and is currently trading at a little more than $0.36. At one point during the day, the currency fell all the way to 0.353, which was its lowest price of the week. Its highest price of the week was a little over $0.4, which it reached on July 6.
Among the top 20 digital currencies, only one rose during the day: Chainlink. It rose by more 1% and is currently trading at a little more than $3. The biggest losers of the day were EOS and Cosmos, both of which suffered double-digit loses. They fell 11.6% and 11.34%, respectively.
Currently, the total market capitalization of all digital currencies is a little more than $340 billion.
At the same time cryptocurrency prices were falling, the price of gold rose. It rose a little more than 1% and is trading at a little more than $1,400 per ounce. Gold futures in the United States also rose by a similar amount.
In other cryptocurrency news, Charlie Lee, who is the creator of Litecoin, discussed the repercussions of his currency soon experiencing what is known as "halving." This scheduled event will reduce block rewards given to miners by 50%, and Lee says that when it occurs many miners will no longer be profitable and will likely leave the ecosystem.