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Crypto Markets Slide Further With Over $30 Billion Dumped Since Last Weekend

Avatar Martin Young 1 year ago

FOMO Moments

Markets suffer 15% drop in a week; Bitcoin Cash getting smashed, BNB, Nano also hurting.

More losses have been recorded on crypto markets over the past 24 hours as the weekend sees digital currencies continue their downward slide. Total market capitalization has slid back towards $180 billion and is not far away from another new low for the year.

Bitcoin is weak, showing no positive signals at all as it continues its free-fall, losing over $1,000 in less than a week. Currently trading down 1.5% at $5,530, BTC looks poised to fall back to the $5,400 level, its lowest for over a year. Ethereum is getting crushed and looks to be stuck in third spot with another decline of over 3% on the day. At the time of writing ETH is trading at $174.

There are no winners in the top ten today as every altcoin is red. Bitcoin Cash is bleeding the hardest, getting pounded 9% on the day dropping it to $380. The rest are losing between 2 and 4 percent driving prices to new record lows for the year.

The top twenty is equally as dismal, Binance Coin falling the most with 5.5% lost. Tron, Iota, Neo, Ethereum Classic and Zcash are all losing 3 – 4 percent and there are no altcoins in the green in the top fifty.

Looking at the top one hundred there is only one altcoin sailing on fomo right now and that is Factom which has jumped nearly 14% overnight. Insight Chain and Electroneum have also made 6% on the day. Dumping hard is Nasdacoin which is predictably dropping all of its recent gains in a classic pump and dump pattern. Mithril, Nano and Ravencoin are all in pain losing more than 8% on the day.

Total crypto market capitalization is shrinking, 2.3% lost since the same time yesterday. Currently at around $181 billion, markets are at the same level as they were in October 2017, but going in the other direction. Bitcoin’s dominance has managed to get back to 53% despite it losing 13.5% since last weekend, crypto markets as a whole are down 15% in the same period.

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.

Martin Young

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

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