Crypto Market Wrap: Gone in 60 Minutes, $8 Billion Just Dumped

Market Wrap

Crypto markets have just fallen off the cliff; Ethereum, Bitcoin Cash, Binance Coin and Neo hurting bad.

The cycle continues as yesterday’s pump turns into today’s dump. Crypto markets have again failed to hold any short term gains and are falling back once again. Total market capitalization is back below $130 billion as the cycle rinses and repeats and $8 billion gets wiped out in a mere hour or so.

Bitcoin bounced off intraday highs of $4,060 twice before beating a retreat. A massive dump has just initiated as one huge red hourly candle knocked BTC back below $3,850 wiping out recent gains and resulting in over 5% declines on the day.

Ethereum is in more pain shedding 8.5% back to below $140 as it too falls off the cliff and hits a new low for the week. Market cap is back below $15 billion and Ripple’s XRP is snapping at ETH’s heels again. Only losing 3.5% at the time of writing, XRP is just $100 million behind Ethereum, a re-flippening is imminent.

The top ten has all been smashed in the past hour or two, all aside from Tron which is still up on the day by a good 15%. TRX briefly broke the $2 billion barrier before pulling back below it a few hours ago. Bitcoin Cash as usual has been trounced with a 11% slide back below $145, Litecoin and Bitcoin SV are both dropping 8%.

The two altcoins in the top twenty getting hit over 10% right now are Binance Coin and Neo, and Monero and Ethereum Classic are not far behind. Things are that bad in the top twenty that another stablecoin has entered it, USDC is now at 19^th spot as Maker and Zcash fall back.

Tron is the top altcoin in the top one hundred right now, in fact it is the only one making double digits as the rest of crypto land dumps again. Yesterday’s two fomo recipients are dumping all their gains today, namely Holo and Pundi X, both shedding over 15% on the day.

Total market capitalization has fallen back to $129 billion over the past hour. This is a loss of over 5.5% on the day as $8 billion exits in less than 60 minutes. Daily trade volume is at $18 billion but it is all outflow at the moment. The sideways channel is still holding up for now but gains over the past week are now digital dust.

FOMO Moments 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.