Markets are bleeding once again; XRP, Stellar, Cardano and Siacoin getting smashed.
As we have seen before the same pattern has resumed and the market rally could not be sustained. Cryptocurrencies have dumped again today wiping out all gains over the past few days. Total market capitalization has dropped back to just over $211 billion again, shedding over $15 billion in 24 hours.
Bitcoin could not hold above $6,700 and has slid back 3.3% on the day to $6,480. The decline has been steadier than previous dumps indicating that it was not just one whale responsible this time. A fall below $6,400 could result in all cryptos dropping back even further. After rallying well, Ethereum has plunged just under 9% overnight to trade at just above $220 wiping out all weekend gains.
Altcoins are predictably in the red on Asian markets this morning. There are some heavy losses in the top ten with XRP crashing 17% to $0.478. Stellar and Cardano are also hurting with 11% slides and EOS is not far behind losing 9% on the day. As before several days of gains are lost on one quick selloff as inexperienced traders panic. The top twenty is just as messy with IOTA and Tron dropping over 10% on the day. Also in a bad shape are Monero, Neo, Tezos and VeChain all losing over 7% at the moment.
Looking at the top one hundred Aurora is one of only two altcoins in the green at the moment with an 18% climb on the day. Steem is the other making 7% and the rest are stablecoins. Getting severely beat up after XRP is Siacoin which has lost all gains from yesterday’s pump, falling 14%. Japan’s Monacoin is also in a bad shape with an equal 14% decline on the day and XLM and ADA are not far behind.
Total crypto market capitalization has fallen by $15 billion on the day resulting in a 6.5% slide to just over $212 billion at the time of writing. Trade volume is currently around $14 billion which is higher than previous weeks. On the bright side markets are 9% higher than their levels this time last week when they were hovering just above the 2018 low.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the Asian trading session and analyses the best performing ones, looking for trends and possible fundamentals.