Crypto Market Wrap

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

Martin Young | January 28, 2019 | 7:00 am
market crash, crypto
Crypto

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

Martin Young | January 28, 2019 | 7:00 am

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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