Markets are dumping in crypto land; XRP hangs on but Bitcoin, VeChain, Icon and Polymath slide.
Markets have dumped overnight and the selloff has continued leaving crypto land in a sea of red this morning. Roughly $12 billion has been shed from cryptocurrencies on the day as total market capitalization plummets back to just over $270 billion.
Bitcoin has lost around $500 equating to 5.3% at the time of writing. It is currently trading at $7,585 after falling hard to around $7,500 a few hours ago. Trade volume for BTC has risen slightly though but short term signals are bearish. Ethereum is down 4% at the moment, trading at $425.
Predictably altcoins have been battered with several losing double digits. Looking at the top ten only Ripple’s XRP is making a gain, up 2.6% to $0.448. The announcement that Bill Clinton will be a keynote speaker at the firm’s upcoming Swell Conference has driven momentum for XRP.
— Ripple (@Ripple) July 31, 2018
The rest are all down 3-4% with Bitcoin and Ethereum taking the biggest hits. Further down the charts the losses are heavier with VeChain taking an 11% dive to $2.12, Monero and Tezos both dropping over 5% and Neo plunging below $30.
Following its pump yesterday Polymath has dumped losing all gains and retreating 23% to $0.362. The classic pump and dump pattern followed a Binance listing which failed to boost the coin any further. Also getting bashed up today is Bitcoin Private, Pundi X, Ark, Aelf and Icon with double digit declines. Very few altcoins are surviving the drop but Kucoin Shares and ODEM are among them.
Total crypto market capitalization has fallen just under 4% on the day to $272 billion. Over $15 billion was dumped from the markets in just 18 hours. There seems to have been a slight rebound but a weak one and the bears are in control once again. Trade volume for all cryptos has remained stable at $15 billion.
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.