Amid allegations a new whale manipulation, the crypto market surge yesterday ended abruptly as the market cap tails-pinned and plummeted from 2019 highs. The crypto board has fallen to the reds with losses assaulting most major coins and dragging them down beyond the gains earned yesterday.
The rout took the market capitalization from a 2019 high of $144 Billion down to $128.7 Billion, losing over $15 Billion in just a few hours. This level is still higher than what they have been for most of this month. The trading volume is even bigger than yesterday at $38.4 Billion but these volumes might be moving outwards. Meanwhile, the Bitcoin dominance is back up at 52.3% from yesterday’s 51.2%.
Bitcoin nosedived from $4200 level to its current price at $3832 with a loss of -8.12%. This comes after a triumphant break above the $4k which many predicted is the start of the new season. Just like on the last dump on the 10th of January, the movement was abrupt and quick. On the 4-hour chart, it is now moving to a more regular beat but faces a great resistance at around $3900.
Ethereum, which was happily waving a bullish flag for the past week, succumbed harder with a loss of -14.94% on the day. From hitting as high as $170, it paddled down to $150, the pushing it harder on the next support at $140. At the time of this writing, it is trading at $139.27.
The rest of the Top 10 is reeling from losses as EOS, one of the biggest month gainers lost -16.37%, bringing its price at $3.60 from yesterday’s $4.43. Bitcoin Cash is also bleeding with a drop to $131.79, and losing -15.15% on the day. Litecoin is back to $45 with a loss of -13.79%. Stellar lost -11.24%, while the rest -Binance Coin, Tron, and XRP have suffered on a lower percentage below 10%.
On the Top 25, the heavy bleeders above 10% are Nem, NEO, Maker, Ethereum Classic, and Ontology. Ontology which has been leading the gains for the past two days lost -16% on the day, bringing its price from $1.14 to $0.94.
Down the Top 100, S4FE is still pushing up the market cap list and has now hit the 57th place. It gained another 14.80% today, bringing its price from $1 to $2.07 at the time of this writing. Theta is also one of the rare coins that are on the green today with a 9.00% gain on the day. There is no shortage of losers today and Nexo tops the list with a -22.02% loss. Project Pai, Bytom, Aeternity, Holo, and Ark, all lost 15+%. The rest are all red with more losses anticipated.
Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Monday!
Originally published at dna.coinve.st on February 25, 2019.
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.