Cryptocurrency market size shrinks below $300B: $20B hit bleed altcoins

The crypto coins are continuously rolling to a pitfall and the cryptocurrency market size shrinks below three hundred billion dollars ($300B). Twenty Billion Dollars ($20B) have been lost from the cryptocurrencies’ lot as a whole.

And while things were looking bleak, Bitcoin (BTC) decided to wreak havoc when the eleven thousand dollars ($11,000) below-the-support line mark remained no more and it also happened to suck the altcoins into the whirlpool as well.

The fake news the market has five billion dollars ($5B) in Tether were being poured in the market caused a rumble. The original news, however, was the funds summing to about fifty million dollars ($50M) were exchanging hands, from Omni to Tron and the next thing you know, Bitcoin (BTC) is back at the eleven thousand five hundred ($11,500) mark.

Bitcoin had nine hundred dollars ($900) deducted from its standing position, the eleven thousand five hundred dollars price point ($11500) and secured a spot at the ten thousand six hundred dollars ($10,600) label. The Cryptomist, a trader has had his eyes on the graph and he tweeted:

The Cryptomist isn’t the only one who sees the Bitcoin falling to the eight thousand dollars ($8000) price if it doesn’t hold strong at the ten thousand dollars ($10,000) resistance units. The bearish pattern is evident when the one day chart is viewed.

The altcoins haven’t been spared either. Ethereum has dropped nine percent (9%) in price to two hundred and forty-five dollars ($245). Ripple XRP, Litecoin and Bitcoin Cash have dropped to $0.318, ninety-five dollars ($95) and three hundred and twenty-five dollars ($325) respectively.

Binance coin (BNB) is below thirty dollars ($30) and EOS is at four dollars ($4.5).

Bitcoin Satoshi Vision (BSV) is on the one hundred and forty dollar mark ($140) and Tron has struggled as well, losing four percent (4%) of its standings to statistics.

The Crypto.com Chain shed nineteen percent (19%). NEO and NEM shed ten percent (10%) and OmiseGo went as low as twelve percent (12%) from its cost just an hour earlier.

The VELIC exchange’s launch seems to have saved South Korea’s ICON which got pumped by forty-six percent (46%).

The total crypto market capitalization has fallen below the three hundred billion dollars ($300B) mark, to two hundred and ninety for billion dollars($294B).