Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down

Tony "The Bull" Severino

Last Updated: November 22, 2019 6:00 pm

3 mins read

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The crypto market this morning is a sea of red, following a massive breakdown by the leading cryptocurrency by market cap, Bitcoin. The market leader breaking down has led to as much as 10% declines across the board in most altcoins, including Ethereum, EOS, Binance Coin, and many others.

Is this time to buy the blood in the streets, so to speak, or has the crypto market carnage only just begun?

Altcoins Bleed Out As Bitcoin Breaks Through Support

This morning, Bitcoin price broke down from support at $7,400 to quickly dip below $7,000 before bouncing at roughly $6,800 and now trading around $7,150 at the time of this writing. The powerful drop and resulting panic not only caused Bitcoin price to tumble, it caused a dramatic ripple effect across the crypto market.

Related Reading | What Bull Run? Bitcoin Price Blasts Below $7,000

Following Bitcoin’s drop, the number two crypto asset by market cap, Etheruem, has fallen over 10% to low around $135. The third-place cryptocurrency, Ripple, has dropped to as low as 23 cents per XRP, but percentage-wise Ripple has held up better than most other altcoins at just a 5% fall.

Further down the top ten, Bitcoin Cash has dropped 10%, while Bitcoin SV suffered only a 6% loss. Litecoin, the silver to Bitcoin’s gold, has seen 9% eliminated from the value of the crypto asset.

EOS, Binance Coin, and Monero all saw 10% losses, while Stellar, Tron, and Cardano kept losses at bay to just 6%.

Lower down the list, with Chainlink, VeChain, and NEO, losses extend to over 10%, but the deeper decline is likely due to an over-correction from recent rallies in each altcoin asset.

Total Crypto Market Suffers $20 Billion Loss

The total crypto market cap saw over $20 billion wiped out from its total value over the last 24 hours as a result of the ongoing Bitcoin and altcoin selloff.

Market sentiment has turned bearish, and the crypto fear and greed index, has reached levels of extreme fear. As recent as earlier this week, the index had only just tipped in favor of fear after spending a period of time neutral.

The market is likely extremely fearful that the bear market isn’t over, and that Bitcoin and the rest of the altcoin space could set new lows, or at the very least fall back toward where bear market lows were set, to confirm breakout points as resistance turned support.

Bitcoin dominance has been falling in recent weeks, suggesting that altcoins are holding up in value better than the first-ever cryptocurrency. Many altcoins, such as XRP have already set fresh bear market lows in 2019 after bottoming in 2018 – could the rest of the market be next?

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.