The crypto market found itself in a new slump after a rally that brought the total market capitalization higher yesterday. The dump was supposedly a market reaction to the new rejection of the Bitcoin ETF proposals. It was a predicted rejection so the market reaction is questionable at best and might have been just really a correction after yesterday’s “manipulated’ prices. More than $10 Billion was lost from the market capitalization as it hit $207 Billion and the 24-hour trade volume dropped to $11 Billion.
Bitcoin, whose dominance has risen to 53.4%, has dropped -3.51% gains on the day and is back to $6421. This is the same price it has been on on the same day last Thursday. The current trade volume is down at $3.9 Billion.
Yesterday, the Bitcoin price surged to the $6550 level and went as high as $6900 before going back down. It dropped like a rock, breaking supports at $6600 and $6550. It retested lows at $6200 before coming back up at $6400. The resistance is back at $6550 and the support level is at $6200.
Ethereum, the next coin on the top 10 and the second cryptocurrency with the largest market capitalization have fallen even harder at -4.55% and the current price at $268. It has now fallen more than 70% of its value and is now back below the $300, an important level. The price may go up but might have a hard time crossing over the barrier at the $280 levels. Current support level is at $265.
All of the Top 10 is in the red with some getting more blood than others. Stellar is slipping away with -6.93% and now back at $0.20. Monero is still hurt badly at down even more at -6.06%. At 5% loss level are Cardano, EOS, and XRP. Most of these coins are still at their lowest this year.
The Top 25 is in a similar condition with VeChain leading the top losers of the day. It has lost -10.27% on the day and selling at $0.01. Not far behind are Ontology, IOTA, and NEO in between 7-9% losses.
For the Top 100, there are only 2 on the green which is Bitcoin Diamond in a pump at 49.00% and Cybermiles at 6.59%. Bitcoin Diamond is pumping on a supposed news about an e-commerce store powered by BCDPay.
The rest of the drops in the TOp 100 are mostly below the double-digit level with the exception of Nebulas, Cortex, MOAC, Hshare, and PIVX.
This post first appeared at CoinDNA – Crypto Markets Hammered With New ETF Rejection, $10 Billion Lost On Market Capitalization
CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.