Another 2018 low is hit, Ethereum, XRP, Neo and Iota getting hammered
The rout has continued into the weekend as crypto markets plummeted to another low for the year. Another $20 billion has been dropped from markets as they slid below $210 billion for the first time in nine months.
Bitcoin failed to hold support at $6,400 and has dropped 4.7% on the day to $6,150. If the bears do not release their stranglehold it could easily fall below $6k and into dangerous territory. This is bad news for Ethereum which is at its lowest point for a year, down 11.4% to $320.
Altcoins are getting smashed with the majority of them dumping double figures. In the top ten, Ripple’s XRP is taking the biggest hit with a nosedive of 10.8% to $0.30, almost back to the price it was before things took off in December. Litecoin is also suffering heavily with a 10% slide to $56.60 and another yearly low. The rest are down between 6 and 8 percent as stablecoin Tether climbs the market cap charts.
Neo is in a world of pain with a 16% crash to $18, its lowest point since September 2017. Likewise with Iota, down 15% to $0.526, and Tezos shedding 14% to $1.40. All coins in the top twenty are in a bad way, Dash and Ethereum Classic have also lost double figures and the rest are not far behind. The only altcoin in the green in the top one hundred at the moment is Nxt which is up 8.4%. Metaverse ETP and Huobi Token are making marginal gains but nothing significant.
The only upside for Bitcoin is that its market dominance is now over 50% as the altcoins get dumped. The one year chart is looking very bubble like now as all altcoins return to their mid-2017 levels.
Total crypto market capitalization has dumped 7% on the day to around $209 billion. A new 2018 low was reached a few hours ago when $20 billion left the markets in 18 hours plunging them down to just over $207 billion. Trade volume has remained at $13 billion but it is all one way at the moment – out of the cryptocurrency door. The words ‘fomo’, ‘lambo’ and ‘moon’ are now distant memories as hodlers lick their wounds and uninstall their Blockfolio app.
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.