A collective sigh of “Finally!” went like a wave in the cryptomarkets today as finally, there was a movement in the Top 100 crypto. It went the other way though and a little more than $15 Billion was dumped from the markets but still, it was a breakout that everybody was waiting for. The Top 100 crypto is a sea of red this morning and it seems like it’s still not stopping anytime soon.
While it was expected, people are still looking for reasons the almost sudden drop and several factors apart from sentiment are mentioned. One of the strongest is the recent drop in the stock markets affecting traders and investors overall. Volatility has returned and that too with a vengeance, in crypto and global market both.
The Dow plunged about 832 points which is the third worst decline in history. The tech stocks are hit the hardest as Amazon, Facebook, Netflix, Apple, and Boeing lead the market lower. Whereas, FTSE 100 hits its six-month low, while Nasdaq has already plunged about 8 percent this month.
The market capitalization fell down like a rock this morning in the Asian markets reaching as low as $200 Billion and currently at $201.6 at the time of this writing. The trading volume went up at $15.6 Billion and predictably the BTC Dominance is again up at 54% from yesterday’s 52.4%.
Bitcoin set the market drop as it fell from $6600, then dropping through $6550. It then went downhill from there breaking many supports and going as low as $6255 as bears came in a frenzy. Currently, it is at $6295 and moving within the range. On the chart, the coin is deeply bearish with the MACD in a deep bear incline. The RSI and SRSI are deep in the oversold levels too. The major support level is now at $6100 and the new resistance level is $6320.
The Ethereum went for a bigger loss as it dropped back to the $200 levels losing -11.50% on the day and currently at $199 at the time of this writing. It started dropping this morning at $226 then broke several supports at the $220. It went as low as $196 before consolidating at the current price. The support level for ETH is currently at $195 and the new resistance is at $209.
The Top 10 crypto followed the leader and is losing heavily today. XRP lost -12.76% on the day and trading at $0.408. Bitcoin Cash is a also losing big at -11.90%. It is now trading at $450.33 far from its $520 price this morning. Cardano and Stellar are also on the double-digit losers today and the rest are at 7 and 9 percent in this latest dump.
The crypto streets down below are also predictably red -IOTA, TRON, NEM, OmiseGO, Ontology, and NEO are all dumping between 10-11 percent. The rest are all feeling the blues at 5-8% losses.
Further down the list on the Top 100 are a couple of Stable Coins on the positive. QASH is at 2.10% and TrueUSD is at 1.32%. Apart from that we only have PIVX on the green today at 5.74%.
This day has had the biggest move since the Bitcoin got stuck at $6600. The market capitalization lost significantly. The bears have control right now and we might be in for more price fluctuation after all.
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.