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Crypto Market Wrap: $7 Billion Dumped to New 2019 Lows

Martin Young
Martin Young
6 years ago
2 mins read
market crash, crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Market Wrap

Crypto markets are dumping this Monday morning, Ethereum, BCH, Tron and Stellar in a hurt locker.

Crypto market movements have been few and far between in recent weeks but the bears have awoken again today and markets are dumping. Almost $7 billion has been dumped in the past few hours to send total market capitalization plunging to a new 2019 low at around $114 billion.

The pain started with Bitcoin as it has failed to make any movement above solid resistance at $3,600. This has ignited a plunge that saw BTC fall to its lowest level in over a month and a new 2019 low of $3,460. At the moment BTC is trading 3.3% down on the day.

Ethereum has taken a bigger hit, getting smashed 7% to drop below $110 again. ETH is dangerously close to dropping back into double figures one again. XRP has extended the gap back to $1 billion as it only lost 5% on the day, but it is now below $0.30 for the first time this year.

The top ten is a bloodbath this Monday morning. Bitcoin Cash is getting hammered 11% as it tumbles down the market cap below Tether to sixth. Stellar and Bitcoin SV are both getting hit 10% as they too slide down the list, XLM is now down to ninth spot. Tron has dropped back below Litecoin again as it loses 8%.

Big pain is being felt in the top twenty during today’s Asian trading session. IOTA has dumped over 10% on the day as it slides down to fourteenth. Cardano, Nem and Maker are all losing around 8% at the time of writing, the rest are not far behind.

There are only two survivors in the top one hundred at the moment, everything else is red. Pundi X and Holo are gaining around 15% each on the day. Even the stablecoins are falling back from their pegs a little. The biggest dumps at the moment are previous fomo coins Theta and Loopring losing around 20% each. Bitcoin Gold is also hurting at the moment with a 16% slide.

Around 5.5% has been dumped out of crypto markets in the past 24 hours, most of it over the last couple of hours. Market cap is now down to $114 billion as almost $7 billion gets dumped, mostly from altcoins. It is the lowest level markets have been at since mid-December and their lowest point in 2019. Bitcoin’s market dominance has crept up as a result and is now at 53.3%. More pain is likely to follow as new lows loom ever closer.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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Martin Young
Martin Young

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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