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Cryptocurrencies on Track for Weekly Gain Led by Litecoin, Bitcoin and Ethereum

Investing.com

Investing.com - Cryptocurrencies saw mixed trade on Friday, but were still on track for a weekly gain of 3% led by Litecoin, Bitcoin and Ethereum.

Cryptocurrencies overall were higher, with the total coin market capitalization at $265.41 billion by 10:39 AM ET (14:39 GMT), compared to $263.10 billion a day earlier and up about 3% from $257.78 billion a week ago.

Litecoin was down 7% at $130.219 on Friday as a bullish rally spurred by its upcoming halving ran out of steam. Known as Bitcoin’s “little brother”, LTC has surged more than 300% this year on plans to half the reward for miners to 12.5 LTC from 25 LTC on Aug. 6. Despite Friday’s decline, the fourth-largest digital coin by market cap showed the best weekly performance when compared to its nine closest rivals, up more than 13%.

Bitcoin was last up 3% at $8,392.7. The 5% weekly gains in the largest crypto by market cap, equivalent to more than half the total market, served as a significant boost for the sector as a whole.

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Ethereum managed to still log weekly gains of 2.9% despite a 1.3% decline to $256.59 on Friday.

Stuck by total market cap between Ethereum and Litecoin, XRP was the worst weekly performer out of the top 10 alt coins as Friday’s 1.0% drop to $0.39636 extended its losses in the last seven days to 5.8%.

In crypto sector headlines, The Wall Street Journal reported that Facebook (NASDAQ:FB) has bagged more than a dozen companies to back its new cryptocurrency.

Companies including Visa (NYSE:V), Mastercard (NYSE:MA), PayPal (NASDAQ:PYPL) and Uber (NYSE:UBER) will reportedly invest around $10 million in a consortium to oversee the social media firm’s digital currency.

The coin will be dubbed Libra and will be pegged to a basket of government-issued currencies in an attempt to avoid the extreme volatility associated with the digital assets.

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