New Yearly Low Looms as Crypto Markets Are Crushed Again
A new market low is imminent; Ethereum is in a world of pain.
The weekend selloff has continued unabated and markets are dangerously close to another new low for 2018. Dropping below $200 billion again markets are in a bad way as nearly all cryptocurrencies are deep in the red this Sunday morning.
Bitcoin failed to hold support at $6,400 and has dropped below that crucial level once again. Dumping 4.3% on the day BTC is down to $6,220 and with strong bearish signals could fall even further and end up below $6k once again. Ethereum is dying a slow death and has been smashed another 12% on the day plunging to its lowest level since July 2017. ETH is currently trading at $190, it has not been under $200 for fourteen months.
Altcoins are also getting hammered with nearly all of them losing another chunk on the day. In the top ten Cardano, after Ethereum, is getting hit the hardest with a drop of just over 10% to trade at $0.075. Monero is not far behind with a 9% decline, the rest are losing between 6-8 percent.
Unsurprisingly coins in the top twenty are suffering bigger losses with 7-9 percent dumps for most of them. Dogecoin has only lost a marginal amount over the past 24 hours and currently appears immune to this market rout. More damage is being done to MOAC, Bitcoin Diamond, Nano, and Wanchain all losing 15-20 percent.
There is only one altcoin in the green at the time of writing. Bitcoin Dark is actually up 28% at the moment as it defies the drop, most of which is being traded on Poloniex.
For only the second time this year total crypto market capitalization has dropped below $200 billion. Around $12 billion has been dumped in the past 24 hours resulting in an almost 6% market plunge. Things are precipitously close to the year’s lowest point on August 14 when total market cap fell to $189 billion. It is currently at $192 billion and still falling.
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.