In the last twenty-four hours, the crypto markets were severely beaten. Bitcoin started the jump and the entire market followed immediately after. While it was not surprising as the market has had this dumps several times for the past 2 months now, the speed in which it has taken the market down is sensational and “gut-wrenching” indeed.
The market capitalization has crashed and is making another record for this years lowest. It has lost $29 Billion overnight although the trade volume has risen to $19.4 Billion. The Bitcoin (BTC) dominance has risen again and currently at 54.8%.
Bitcoin price has started plummetting yesterday and in four hours has lost almost $400 from $7300 to $6900. Since then, it has continuously dumped and has lost -10.80% on the day. Currently, it is at $6389 breaking several barriers from $6800 to $6400. The trading volume has risen to $6.5 Billion which is probably a temporary one as investors scramble to cash out of their altcoin positions. The dump has halted for a bit for the past hour but it is not far off to lose more. Current resistance is at $6600 and support is at $6200.
Ethereum is still the hardest hit and seems to be the current whipping boy of the Top 10. With its already low level at $255 yesterday, its lowest for the past month, it has fallen even harder and stronger. Currently, it has lost -15.54% and now at $224. This is absolutely stomach churning and Ethereum has not been at this level since September last year before the bull run.
The Top 10 altcoins are not so far from this narrative as double-digit losses become the standard. The only ones under 10% are XRP and Stellar who is hanging by a thread, almost. Tether is at minimal 0.35% as expected. EOS is taking the biggest hit currently, at -13.93% and back to $5.05. Monero, which had a good day two days ago has lost all of its gains and then some at 12.54% and trading at $111.00. Bitcoin Cash has expectedly fallen and is back to $500 levels. It has lost -11.88% on the day. Litecoin and Cardano are also on the losing side at -11% performance on the day.
The Top 25 has one great and lonely coin in the form of Dogecoin at 1.49% which is a hard bite on its detractors. But apart from that, every altcoin and its neighbor is falling in too deep. IOTA, Dash, and NEO are both at -13% loss. Bytecoin is even worst at -16.43% loss on the day. Bitcoin Diamond was hit hardest at -25.48% and has fallen to $2.41 currently. The rest are all hurting and the sudden fall is reminiscent of the Tuesday dump in August.
The Top 100 are as red as the others with some hit harder than the others. As I write, I see that the market is starting to see some green as Bitcoin halts its fall a bit in the past hours. DigixDAO and ChHainlink have shown up with 4.23% and 2.55% respectively. Still, the blood is still all over the streets. IOST is leading the top losers at -18.07%. Nebulas is at -17.40%. Nano is also at this level at -17.07%. Wanchain, Bitcoin Dark, and Komodo are all at 16% loss on the day.
The day is only starting and it remains to be seen if the market will at least halt its free fall today. Today is probably the worst decline for the past year and the markets are very uneasy and skitterish. Definitely, we’re back in the bear claws once again. For how long it will last, we can only wait and see.
This market recap first appeared at CoinDNA: Gut-Wrenching Crypto Market Drop Has Everyone Run For Cover, BTC Shows Who’s Boss Once Again
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