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Crypto Market Wrap: Monday Starts With Another Dump in $4 Billion Slide

Avatar Martin Young 8 months ago
Crypto markets have just started to slide; Ethereum, Bitcoin Cash, EOS and IOTA getting hurt, Ravencoin flying high.

Market Wrap

It looks like a Monday morning crypto market dump has just been ignited. All major cryptocurrencies are breaking down at the moment and heading deeper into the red. Following a week of consolidation and failure to break through resistance this has been expected. Total market capitalization has dumped $4 billion and is heading towards $125 billion at the time of writing.

Bitcoin has spent most of the past 24 hours floating around the $3,850 level; it hasn’t even attempted to test $3,900 resistance again. A couple of hours ago things started to break down and BTC plunged to below $3,800, it is still falling at the time of writing, down 2.4% on the day.

Naturally the digital lemmings have all followed suit, Ethereum no exception. With a 5% slide ETH has dropped back below $130 and is still heading south. Market cap is down to $13.5 billion as the gap to XRP closes with the Ripple token only falling 3% in the rout.

A sea of deepening red has enveloped the top ten during Asian trading today as coins are offloaded. EOS and Bitcoin Cash are taking the brunt of things dumping 6% at the time of writing. Litecoin and Tron not far behind with losses over 4% as market caps erode.

The top twenty is all falling off the cliff this morning leaving no survivors. Cardano and IOTA falling fastest right now with 6% losses, and Bitcoin SV, Dash and Zcash are closing up with 5% falls.

Ravencoin Flying High

All of today’s FOMO is going to Ravencoin which is still up 30% on the same time yesterday. The altcoin has reached a three month high as it continues to spike. RVN is a token based on an asset, security and stock tokenization platform that offers dividend payouts. Network growth and a Bittrex listing is keeping Ravencoin flying while markets dump again.

Also still holding up at the moment is MOAC which has a green 9% today. Double digit dumps are going on at THETA, Komodo, and Aelf right now but that list is likely to grow until markets find a new floor.

Two hours ago crypto markets dumped $4 billion falling to $126 billion at the time of writing. It is the largest movement for over a week but not one that has come as a surprise. A lot of indecision and consolidation always ends with a breakout and many had predicted that it would be on the downside.

Total market cap 24 hours. Coinmarketcap.com

Bitcoin has failed to break through resistance several times over the past week and yet again has pulled the rest of its brethren into the red today. At the moment things are still falling so we will have to wait and see where the digital dust will settle this time.

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

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