Bank Sponsored
bearish chart

Cryptocurrency Trading Update: Bears Bash Markets by Another $12 Billion

Avatar Martin Young 2 years ago

FOMO Moments

Markets are hurting, altcoins getting hit hardest are EOS, Tezos, VeChain and Ontology. Power Ledger is on top.

Markets are in pain once again as the bears keep the pressure on for another day. Over $12 billion has left the crypto space and market capitalization has plummeted again back to just over $250 billion.

Bitcoin is holding key support at $6,400 and has lost 3.8% on the day to trade at just below this level. Further losses could be imminent if BTC falls below $6,400 where it is currently consolidating. Ethereum has lost another 4.4% resulting in a fall to $440, downward signals are showing on the charts.

Every altcoin in the top 30 is in the red some declining by double figures. The biggest loser in the top ten is EOS once again which has shed a further 7% on the day. The once golden child of cryptocurrencies has suffered the heaviest losses over the past few days. Currently trading at $7.08, EOS is down from $7.65 this time yesterday and down even further from $8.90 this time last week and way down almost 40% from $11.30 this time last month.

Stellar is the next biggest loser in the top ten today with a 5.2% drop to $0.189. Looking at the top twenty Tezos has finally taken a hit with the largest drop of 10%. XTZ has defied the drop by gaining over the past four days but the momentum has now exhausted and it has fallen back to $2.08 from $2.35 this time yesterday. VeChain is also having a bad day with a 6.4% drop as is Ontology losing 7% on the day. Bitcoin Gold rounds out the top 30 with a 10% decline.

The top altcoin of the moment is Power Ledger which has spiked 19% over the past 24 hours. Currently trading at $0.324 POWR is up from $0.277 this time yesterday. Kucoin Shares is also defying the drop with as 12.6% rise to $3.21.

Total crypto market capitalization has fallen 4.5% on the day to $252 billion. Volume has remained stable at $13 billion over the past 24 hours. If markets do not dip to previous lower lows of $234 billion, as they did on June 29, this could be the sign of a long term reversal however if those levels are tested again the bears could push things even lower.

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 one, looking for trends and possible fundamentals.

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
AMFEIX

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Ad