Crypto markets dump again as $22 billion is lost; Bitcoin Cash, EOS, ADA, IOTA, Tezos and BTT in a world of pain.
For the second time in less than a week crypto markets have taken a massive dump. Led by Bitcoin as it collapsed below $8,000, markets have shed over $22 billion as altcoins get battered in another correction cycle. The question now is; how far will they drop this time?
A few hours ago Bitcoin plunged 8 percent from $8,600 to $7,950. It has remained just below $8k ever since and appears poised to fall further. Analysts have targeted the $8,200 zone as a key price level BTC needs to reach before the day is out to avoid further losses.
Ethereum has done exactly the same, dumping almost 8 percent to fall back below $250. The market correction is likely to drag altcoins down even further as it has done on countless occasions before.
The top ten is bleeding hard during Asian trading today. Bitcoin Cash and EOS have taken the hardest hits dropping 10 percent in 24 hours. BCH is now at $390 with EOS plummeting to $6.60. Not far behind is XRP, Litecoin and Stellar sliding 8 percent each. Only BSV appears to have escaped as it remains flat for now.
The top twenty is equally battered at the moment with Cardano, IOTA, Tezos, NEO and NEM dumping doubles and wiping out weekly gains. Only Cosmos has survived as it shows the only green in the 40 at the moment with a 3 percent gain on the day.
FOMO: Zilliqa Still Surging
Defying the massive crypto purge is ZIL which has added a further 7.5 percent on the day to reach $0.022. Binance is getting most of the volume at 30 percent as Zilliqa climbs up the market cap chart to 44. June has been primed to be bullish for the project with new hires and the release of the Scilla Smart contract to the second annual Zilliqa day. Aurora and Maximine Coin are back on a pump today also.
The biggest dump of the day is BitTorrent token sliding 13 percent. Maybe Justin Sun is spending too much of crypto investors’ coin trying to impress billionaires. Tron isn’t far behind with a 10 percent drop.
Looking forward to lunch with @WarrenBuffett. Will be a great opportunity for mutual understanding and knowledge transfer. It's a new era for #TRON and #BitTorrent, and also a big step for the whole #blockchain history. Let’s see what happens next. https://t.co/OOkpnFsBif pic.twitter.com/Sstkj6xkgs
— Justin Sun (@justinsuntron) June 3, 2019
Total crypto market capitalization has shrunk by $22 billion, or 8 percent, to $252 billion. The fall which started yesterday, mirrors that of last Friday and has been controlled by Bitcoin. Failure to hold here will lead to further losses and could see BTC back in the low $7,000s with altcoins even worse.
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.