Here We Go Again, Another $12 Billion Dumped From Crypto Markets
Crypto traders and investors are probably dreading getting up each morning now to see markets plummet once again with seemingly no end in sight. Over the past 24 hours markets have dumped another $12 billion from $255 to $243 billion, equating to a 4.7% fall. Trade volume also took a sharp drop from $18 billion to $11 billion.
Bitcoin’s short recovery spell got kicked in the digital cojones when markets lost $8 billion in just over two hours. Bitcoin has fallen 3% on the day and is struggling to stay above $6k, currently trading at $6,075. That prediction of a decline to around $5k seems to be holding strong, BTC is currently in a downward channel and approaching more critical support levels.
As usual Ethereum has fared even worse shedding 5.8% to $432, and barreling towards that critical $400 level. The lowest point for ETH this year was in early April when it fell to just below $370 before over doubling in price over the next month. Predictably all altcoins are getting punished even harder, many crashing by double digits once again.
Again it is EOS that is taking the biggest hit at the time of writing, down over 8% to $7.50. There are now major concerns about the EOS network and its lack of decentralization, the Reddit stream for the project is largely FUD fueled and negative. From its all-time high of $21.50, almost two months ago, EOS has hemorrhaged 65% to its current trading level.
Bitcoin Cash and Litecoin are both getting bashed by around 7.5%, with BCH falling to $690 and LTC dropping to $76. Litecoin has not been this low since mid-November, before it started to spike. Charlie Lee and the LTC camp have been conspicuously quiet throughout this crypto rout.
Ripple’s XRP could not make it back over $0.50 and has lost 5.2% on the day falling to $0.45, matching its lowest dip of the year. Stellar and Cardano are both down around 6% and Iota in tenth spot has lost 7% to trade at $0.94, a new 2018 low. Other altcoins getting battered during the morning’s Asian trading session include Tron down 8%, Ethereum Classic dropping 7.7%, Ontology losing 7.5%, OmiseGO 8.5% down, and similar losses for Zcash, Icon, Zilliqa, and Bytecoin.
The only altcoin in the green in the top 30 at the time of writing is Qtum which is up 7.3% on the day to just under $9.
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.