Altcoins FOMO

Crypto Markets Lose $50 Billion in a Fortnight

Martin Young | August 6, 2018 | 11:30 am
bearish chart
Altcoins

Crypto Markets Lose $50 Billion in a Fortnight

Martin Young | August 6, 2018 | 11:30 am

FOMO Moments

Markets are still falling, Ethereum Classic and Zcash defying the drop while Iota suffers.

The bears are still in control as we start another week in crypto land. The selloff which started around two weeks ago has continued unabated as market capitalization drops back down to just over $250 billion equating to a loss of almost $50 billion in just a fortnight.

Bitcoin has not managed to hold support levels and has continued to slide, falling back around one percent below $7k for the first time since mid-July. BTC is currently trading at $6,995 as volume has fallen 17% to $3.7 billion in 24 hours. Ethereum has not fared any better but has not made any further losses on the day trading at a similar level of just under $410.

The altcoins are pretty mixed but very few of them are showing any major movements over the past 24 hours. Taking the biggest dip in the top ten is Iota which has lost 4.3% to trade at $0.88, its lowest level since November 2017. Stellar has also lost another 2.3% sliding back to $0.237.

Looking at the top twenty altcoins shows a similar picture however there are a couple making gains at the moment. Ethereum Classic is still climbing, up 3.4% to $17.21, boosted by Coinbase which will be enabling ETC trading this week. Zcash is also climbing today with a 5.6% rise to $187, on the week however ZEC is down 13% since last Monday.

The two altcoins making the most in the top one hundred today are Holo up 23% and MOAC climbing 13%. At the other end of the spectrum is Dentacoin which has lost 6.7%. No cryptocurrency is standing out at the moment as markets remain generally flaccid.

Total crypto market capitalization has dropped just under one percent on the day to $254 billion. It hit a low of $251 billion on Sunday and further losses look likely. Trade volume has also declined marginally and is currently at $11 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

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