Crypto Market Wrap

A Predictable Weekend Dump Drops $10 Billion From Crypto Markets

Martin Young | September 29, 2018 | 3:49 am
bearish chart

A Predictable Weekend Dump Drops $10 Billion From Crypto Markets

Martin Young | September 29, 2018 | 3:49 am

FOMO Moments

The weekend selloff has begun again, Ethereum, Bitcoin Cash, Litecoin and Cardano dumping.

As predicted in yesterday’s crypto market roundup, things have dumped today. This cycle has repeated itself several times over the past couple of months – a few days gaining then one big dump losing it all. Total market capitalization has dropped to just above $215 billion as ten billion has left the markets over the past 24 hours.

Dropping back 2.5%, Bitcoin has fallen to $6,540 and it remains in its channel unable to get above $6,700. With more mixed signals from US regulators crypto traders remain cautious and the bears are dominating again. Likewise with Ethereum which has dumped the 5% it made yesterday. ETH is down to $217 and still looking very weak.

Writing this market roundup is becoming very predictable lately. Altcoins are all in the red today as another crypto avalanche ensues. Bitcoin Cash is getting hit the hardest in the top ten with an 8% dive to $517. Stellar, Litecoin and Cardano are all in pain also losing 4-5 percent on the day. The top twenty is not looking much better with all altcoins losing between 2 and 4 percent. Dash and Tron are shedding closer to 5% at the moment.

There are only a handful of altcoins in the green right now and they include Eternal Token climbing 8% to $2.22, Zcoin up 6.6% to just over $10 and Pivx and ReddCoin climbing around 4% on the day. The rest are getting battered with Electroneum taking the biggest hit of 23%, followed by GXChain and Dentacoin both dropping over 8% in the weekend selloff.

This pattern has been seen so many times now and is becoming rather tiresome. Cryptocurrencies just cannot seem to be able to maintain their gains and keep losing them after a couple of days. Total market capitalization has declined over 3% on the day to $216 billion. Ten billion has been lost since yesterday however trade volume has remained at $16 billion. Bitcoin dominance is currently at 52% and has fallen back somewhat over the past couple of weeks. Things are still very bearish in crypto land.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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