Huge crypto market purge dumps 11% in a day; all altcoins in a world of pain, all 2019 gains obliterated.
Another dump followed yesterday’s initial 60 minute crypto purge eight hours later. This has exacerbated daily losses and resulted in an outflow of $16 billion over 24 hours. Total crypto market cap is now just over $120 billion and further losses could be imminent.
Bitcoin led the downward charge once again when it bounced off resistance at $4,050 and plummeted back to $3,850 where it held for a while. The second wave sent BTC sliding back down to $3,650 resulting in an overall loss of 9.5% on the day. The $3,600 level is a key support zone and falling through this could spell bigger losses for Bitcoin.
Ethereum has been smashed with a loss of over 14% dropping it back below $130. This has enabled XRP to retake second spot with a loss of 12%. The market cap difference is only $100 million though so these two could be swapping places for a while.
The rest of the top ten is a bloodbath today. All altcoins have dumped double digits over the past 24 hours with Bitcoin Cash and EOS taking the brunt of it at over 17%. Tron has ditched a lot of its recent gains and fallen back down the chart to ninth.
The top twenty is even more of a mess during the day’s Asian trading session. Cardano has been annihilated with a daily dump of almost 20%. Iota, Monero and Neo have all shed over 15% and the rest are not far behind. The only survivor in the top twenty seems to be Zcash as it has only lost 4%.
There is no fomo to be seen today so the coin at the top of the top one hundred in terms of performance at the moment is Verge with a 4% gain. The only others in the green are stablecoins. The two biggest losers are Cardano and Bitcoin Cash but there are too many dumping doubles to count.
Total crypto market capitalization has just shrunk by $16 billion or 11.6% over the past 24 hours. It is currently holding around $122 billion, back to late December levels, all gains in 2019 have been wiped out. A fall below $120 billion could see crypto markets crash to new lows.
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.