Crypto FOMO

Half The Crypto Market Wiped Out in Less Than a Month

Martin Young | December 8, 2018 | 9:00 am
market crash
Crypto

Half The Crypto Market Wiped Out in Less Than a Month

Martin Young | December 8, 2018 | 9:00 am

FOMO Moments

Crypto markets licking wounds from a new yearly low; gains are marginal as all altcoins are still on the floor.

A few hours ago crypto markets dropped to their lowest levels since early August 2017. Market capitalization plummeted perilously towards $100 billion and hit a new 2018 low yet again. Things are bouncing off the bottom at the moment, but the outlook is grim.

Following its mid-week breakdown below $4,000, Bitcoin tumbled to a new yearly low of $3,280 a few hours ago before making a slight recovery. BTC market cap fell to below $60 billion, a 16 month low as all other cryptocurrencies were dragged into the digital abyss. At the time of writing BTC had recovered to $3,470.

Ethereum dropped to just above $80, prices not seen since April 2017, before making a recovery back over $90 again. At the moment the major cryptocurrencies are bouncing off a new bottom.

The top ten is mostly green at the time of writing but after two days of heavy losses these gains are insignificant. As a testament to the dire state of things in crypto land Tether, with a static market cap, is climbing up the charts and is currently in fifth spot at the time of writing. Bitcoin Cash and Bitcoin SV keep swapping places, and EOS and Cardano are slipping away as their market cap disintegrates.

Most altcoins in the top twenty are bouncing back from the yearly lows they hit during yesterday’s late trading. Nem, Etherem Classic and Tezos seem to be recovering stronger while Binance Coin and Dogecoin are not moving.

Fomo driven pumps are pretty irrelevant at this stage in the game but up there anyway are Factom, Revain and Aeternity during the morning’s Asian trading session. Getting smashed at the red end of things is DEX, with Bitcoin SV also in pain today.

Total crypto market capitalization dumped to a new 2018 low of just over $103 billion before rebounding a little off the bottom. At the time of writing markets had made it back over $110 billion which is still the lowest place they’ve been all year.

In less than a month, half of the cryptocurrency market has been obliterated as it fell from over $200 billion this time last month to just over $100 billion today.

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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