As predicted yesterday crypto markets have dumped to a new low during intraday trading. A minor recovery during the week could not be sustained and total market capitalization has fallen to a new low of $101 billion a few hours ago.
Bitcoin led the drop when it fell through support at $3,400 a couple of days ago and kept going back down to a new 2018 low of $3,205 at 22.00 UTC. A quick bounce took it back to $3,250 but Bitcoin is still at its cheapest price for 16 months.
Needless to say Ethereum has also been smashed dropping to a low of $83 before recovering back to a very weak $85. The rest of the altcoins are all in pain during Asian trading today. The top ten is a sea of red and as usual the Bitcoin Cash twins are getting hammered with BCH dumping 10% and BSV 12%. EOS and Litecoin have stopped falling at the time of writing but the rest are down a couple of percent.
The top twenty is all in the red also with Monero and Nem getting hit the hardest dropping around 7% each. The rest are down 2-4 percent since yesterday and are at rock bottom prices for the year.
There are only two altcoins getting a fomo pump at the moment, Waves and Revain are up about 10% right now. Syscoin has entered the top one hundred with a big pump today but it is likely to do the exact opposite tomorrow. DEX is getting smashed at the other end of the table with a 40% dump on the day. MobileGo is also having a bad day with a 20% drop.
Total market capitalization is down another 3% on the day and is currently around $103 billion. A new 2018 low was made a few hours ago of $101 billion and as things stand market cap will be double digits very soon. Over 9% has been lost from crypto markets since last weekend and almost 45% since the same time last month. The selloff does not seem to be abating and things are not even stabilizing at a bottom – down is the only direction for cryptocurrencies at the moment.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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