A New Yearly Low Looms as Crypto Markets Continue Bleeding
The downward pressure has continued as the week draws to a close with markets plummeting further again today. After lulling just below $250 billion for a couple of days crypto markets have taken another turn south dropping below $240 billion and heading towards a new yearly low.
That $5k Bitcoin prediction is looking more likely as BTC once again drops below $6k, falling 3.7% on the day to $5,890. Ethereum has shadowed it with a 3% fall to just over $420 during Asian trading. As usual all altcoins have been bashed again with only two showing any gains in the top 50.
Taking the biggest hit in the top ten at the moment is Bitcoin Cash dropping 6.7% over the past 24 hours to $660. BCH did fall further to just over $600 during the first week of April. Cardano is another big loser today with a 6.2% decline to $0.117, its lowest level since the end of November. EOS, Litecoin, Stellar and Iota have all lost over 5% on the day as markets plummet back towards last Sunday’s dip.
Monero in twelfth place is also not looking pretty with a 10.5% fall to $117 also taking this altcoin back to mid-November price levels. Neo, Ontology, Qtum, Icon, Lisk and Zilliqa are all getting trounced at the time of writing losing between 7 and 8 percent on the day. Other double figure declines at the moment include Decred down 10%, Bitcoin Diamond falling 13%, KuCoin Shares losing 14% and Komodo with a 12% drop.
Binance Coin is currently holding up with a 2.3% gain on the day to $14.24. Over the week however BNB has lost 14.5% from $16.65 this time last Friday. Augur down in 30th place is also pumping at the moment, up 8% to just over $32. Mainnet launches are often the reason for buying pressure however this has not been the case for EOS and Tron which have both lost ground following their much hyped mainnet launches.
A couple of the more obscure altcoins are also bucking the trend and performing well at the moment. Mithril is on a pump, up 18% to $0.437 as is Ethos climbing 16% to $1.34. All others are in the red though as markets inch dangerously closer to another 2018 dip. At the moment total market capitalization is just below $236 billion, down 4% or $10 billion, from $246 billion this time yesterday. Since last Friday crypto markets have lost 46 billion dollars, 16% down from $282 billion. A new low is imminent and Bitcoin could well fall to $5,000 within the next few days.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.