market bleeding

Red Friday: $15 Billion Slide Dumps Crypto Markets to New 16 Month Low

Avatar Martin Young 1 year ago

FOMO Moments

Crypto markets plunging perilously low; Bitcoin Cash and EOS collapsing, Bitcoin SV climbing the chart.

The slow selloff that has been happening all week has accelerated today as crypto markets crash to their lowest levels of 2018. Over 12% has been dumped resulting in a $15 billion plunge to below $110 billion market capitalization, a new low for the year.

Bitcoin bit the bullet a few hours ago when it plunged below previous support levels at $3,700. The 10% dive took BTC from over $3,800 down to $3,400, its lowest level for 15 months. Many had already predicted this and further losses down to around $3,000. This now looks to be inevitable as the world’s top crypto falls below $60 billion market cap.

Ethereum has been absolutely smashed, plunging 16% down to $85, its lowest level since April 2017. There seems to be no way back for ETH at the moment as it gets hit harder than its brethren.

The top ten is a sea of red with every altcoin but one losing double digits. Bitcoin Cash and EOS are in the most pains with epic losses of over 20% on the day. More salt has been rubbed into BCH’s wounds as it gets surpassed by BSV, the only crypto in the green at the moment with a surge of 23% to $110.

The only survivor in the top twenty at the moment is Dogecoin because it has only lost 4%. Binance Coin, Dash and Ethereum Classic are close to dropping 20% on the day, Neo and Zcash not far behind.

There are no altcoins aside from Bitcoin SV showing gains today. The six stablecoins are the top performers at the moment which shows how dismal the state of the markets is. The biggest drops are predictably yesterday’s pumpers, namely Polymath and Factom, both down over 30%.

Total market capitalization at the time of writing was at a lowly $107 billion following a 12% slide from yesterday’s levels. The $15 billion dump was on the cards, but that doesn’t make it any easier to see all cryptocurrencies bleeding out again. Market cap has not been this low since July 2017 as the exodus continues.

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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