Crypto Bears Dump $15 Billion as Markets Plunge Again
Markets are bleeding again; XRP, Bitcoin Cash, and Tron dropping double digits.
A movement in the markets has been long overdue and it came today as the crypto bears dumped $15 billion. Cryptocurrency markets have plummeted over the past couple of hours to drop precipitously close to $200 billion and their yearly lows.
Bitcoin played the pied piper leading the drop when it fell through key support at $6,550 an hour or two ago. BTC is currently down 5% on the day and falling, its current price is $6,300. A bigger dump came for Ethereum which has lost 9% dropping its levels back to $205.
Like the digital lemmings that they are, the altcoins predictably followed suit and the top twenty is a sea of red right now. In the top ten XRP is the biggest loser with a fall of over 11% to just above $0.420. Bitcoin Cash is a close second, also dropping 10% to trade at $460. The rest have lost between 7 and 9 percent in this latest rout.
Further down the chart is a bloodbath; Tron, Nem and VeChain are all dropping 10-11 percent right now. The rest are all in bad shape as Iota, Neo and Tezos are all falling 7-9 percent.
There is only one altcoin defying the drop at the moment and that is Aeternity which has made 8% on the day to trade at $1.18. The launch of a recent Windows mining bounty could be keeping AE afloat while all those around it are sinking. The biggest losers in the top one hundred at the moment are Dentacoin, Noah Coin, MOAC, and Waltonchain all dumping 13-16 percent.
Total market capitalization has declined 6.8% over the past 24 hours as they fell back to $204 billion. In the last couple of hours one big plunge saw $15 billion eliminated from crypto markets as the bears pounded them again. It has been the largest daily dump for over three weeks signaling that the rout is not over. Bitcoin dominance has crept back up 53.5% as the altcoins bleed out again.
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.
Bear image via Shutterstock.