The total market capitalization has reached a 208 low at $187.3 Billion from yesterday’s $195 Billion. The markets lost another $8 Billion, about the same level as October 2017 when the Bitcoin was just about to ramp up. Bitcoin (BTC) dominance is back to it’s May 2017 heyday at 57.9% and seems to be the only coin holding out against the market drop. The trade volume is stabilizing at $12.2 Billion.
The past days have not been a pretty sight. But today is more blood and gore. The crypto markets are hellbent on reaching a new low and the entire market is a carnage with almost a third of the Top 100 on double-digit losses and the rest are still suffering. Ethereum it seems is the main driver for the losses overnight.
The Bitcoin price is weathering the storm at $6244 and only losing -0.97% on the day. Its capitalization is at $108.4 Billion and pulling thru with a steady volume of $4 Billion. Yesterday we mentioned that the Bitcoin price could drop below $6240, and it went as low as $6160. More risks are on the horizon if it fails to move up above the resistance at $6360 and may retest the $6160 low today.
The talk of the town today is Ethereum which has been severely battered and abused by the bears throughout these past two weeks. Hopes of the price getting over the psychological hump at $200 were dashed as it spiraled once more down to $170.75. This is near its price in July of last year when it hit $150. On the day, it has lost another -10.64%. The market capitalization has dropped below $20 Billion and is now at $17.6 which essentially pushed the Bitcoin dominance up once more. Technical indicators do not suggest any recovery soon. Clearly, it is sagging against the weight of ICOs on its platform cashing out to protect their interest.
Most of the Top 10 are at their lowest levels since last year and today, they dropped some more, thanks to the protracted bear markets. Cardano is down 14.02%. Litecoin is at -11.10% and Bitcoin Cash is also on a double-digit loss at -10.89%. The rest are all red in varying degrees and even Tether is down 0.40%.
Dogecoin, against all odds, is the only in green in the Top 25 with a gain of 2.43%. The rest are playing between 10-14% losses. Vechain is leading the biggest loser at -14.02%. Bytecoin is biting the dust at -13.45%. Lisk is hit -13.37%. NEM and Dash complete the double-digit losers today at -12.04% and -10.55% respectively.
The top 100 have Chainlink on the green at 3.53%. Apart from that, nothing is good news today as the altcoins tumble once more to lower lows. There’s a long list of double-digit losers today between 11-15% losses as follows:
- Bitcoin Diamond
- Power Ledger
- Pundi X
As a market that relies heavily on sentiment, it looks like there is also suffering from a lack of direct retail and institutional investments.
This post first appeared at CoinDNA: Bitcoin Weathering The Crypto Storm, Ethereum Sagging With The Weight Of ICOs Cashing In, Sinks Lower at $170
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