Red Friday for Crypto as Markets Shed Another $14 Billion
Cryptos are in pain today; Stellar, Cardano, VeChain, and Tezos in a world of hurt.
The bears have a stranglehold on markets once again and they have plummeted overnight. Total market capitalization has dropped closer to $260 billion as another $14 billion got wiped out of crypto in just 18 hours.
Bitcoin could not hold support and has dropped 3.5% on the day to $7,380. Its market dominance remains at the same level of 48.5% which means all of the other cryptocurrencies are crashing even harder. Ethereum has fallen back to November 2017 levels of just over $400, a 2.4% decline on the day.
Many of the altcoins have been hit so hard that they have gone back to prices seen this time last year. Looking at the top ten on Coinmarketcap shows that Stellar has taken the biggest dump of the day with 8% down to $0.251. XLM is closely followed by ADA which is down 6.5% to $0.128. Bitcoin Cash is also down over 5% but the only altcoin that hasn’t fallen at the time of writing is Iota which was boosted 1.4% by a recent listing on Upbit.
Further down the charts to the top twenty sees VeChain getting absolutely trounced again with a 16% crash to $1.63. Also getting hit with a double digit decline is Tezos, down 10% to $1.60. Tron, Monero, Neo, Nem and Zcash are all having a bad day losing between 6 and 7 percent.
The biggest three losers on the day in the top one hundred are Wanchain down 20.3%, Waves losing 19.6%, Waltonchain down 19.3% and PIVX falling 19% in 24 hours. There are only six altcoins in the green at the time of writing and they include Metaverse ETP climbing 7.4%, GXChain and Binance Coin up 3-4%.
This latest rout spells the end of a two week uptrend which had many hoping that the six month crypto winter was about to come to an end. Total market capitalization has dropped 3.9% on the day to just below $262 billion. It fell to a low of $258.5 billion indicating a loss of around $14 billion in 18 hours. Over the past seven days markets have plummeted 12.6%, equivalent to nearly $40 billion.
A slight recovery has occurred a few hours ago but many altcoins are at their lowest levels this year. Trade volume is still stable at around $13 billion and signals are still predominantly bearish.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.