It’s been looming since this weeks crypto market crash and finally, it happened. The market capitalization has dropped below $200 Billion. It is probably a combination of the bad market, plus the weekend is expectedly having a low volume performance. This drop marks the second time that the market capitalization has fallen below $200 Billion this year.
The entire market is once again heavy with reds as the market cap fell at $198 Billion. It has recovered a bit in the last four hours after dropping as low as $192 Billion in the early hours of the Asian Market this Sunday. It almost touched this years’ lowest at $189 Billion last August.
The Bitcoin (BTC) dominance is 55.7%, a high not reached since December last year. This dominance is hurting the altcoins and taking over the entire market as it brings everything in the red. Currently, in the entire Top 100, only one coin is performing relatively well. Bitcoin Dark has gone dark and is at 16.93% gain on the day.
Bitcoin price is now at $6373 with -1.78% recorded loss on the day. It has failed to protect $6400 and has declined to as low as $6118 before buyers appeared and pushed back the price to its current level. On the 4-hour technical indicator, it is already turning bullish on MACD, as well as the RSI and SRSI is heading up from the floor. Depending on how the day will turn out, Monday might be the start of another recovery period but if Bitcoin bears rear its ugly head again, we might finally see the dreaded bottom back below $6k.
Ethereum is way below bad today and has fallen beyond the pits. For the past 24 hours, it has lost another -8.56% and now at $201. Earlier, it dropped below $200 and went as low as $184. Thankfully, buyers appeared and pushed it back up to the $200 level.
The Top 10 are also being beaten to death and almost all of them are being kicked mercilessly. Cardano is hit hardest with -7.51% loss at $0.078. Earlier, it was way worse and was at $0.075. Monero is also in the same level at 7.15% loss on the day and trading at $106.23. The rest are at 0-5% loss on the day.
The Top 25 coins are not far behind. Most of them are on 5-8% losses on the day. Ontology has recorded -7.67%, Neo is at -6.90%, OmiseGo is at -6.23% and Zcash is at 5.78%. Not much can be said for gains except maybe Tezos at -0.19%, and Dash who is on the lead yesterday with a marginal loss of -0.27%. And yes, Dogecoin too remains strong at -0.64%.
The Top 100 is red overall. We already mentioned that Bitcoin Dark is going against all odds at 16.93%. Loopring and Cortex are among the first altcoins in the Top 100 to respond positively to Bitcoins travel back up to $6400. On the bitter side, MOAC continues deathly drop and lost another -19.01% on the day. Nano has lost -16.82% today. Pundi X, Populous, Dentacoin, Bitcoin Diamond, Holo, and Maker are all losing 10 to 13%.
Overall, we’re still on an intense buy and sell pattern and sudden market movement -whether up, or down, is to be expected.
This market recap was first posted at CoinDNA – Crypto Markets Drops Anew, Market Cap Falls Below $200 Billion, Fears Of Hitting Back Years Low
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