2018’s biggest daily purge has seen cryptos crash; Ethereum, Bitcoin Cash, EOS, Monero and Dash in a hurt locker.
Crypto markets have been absolutely smashed following a Bitcoin selloff that started yesterday. From recovering to almost $240 billion in market capitalization, cryptocurrencies have crashed almost 16% in 24 hours dumping nearly $40 billion and plummeting towards another yearly low level.
The purge was initiated by Bitcoin bears which started selling it with fervor this time yesterday. Since then BTC has plunged 12% to $6,460 wiping out all gains in the past fortnight. It has returned to a previous support level of $6,400 but further losses could be forthcoming. Ethereum, which was already at a very low level, has dumped even further crashing by 18% on the day to $230. It is the lowest level ETH has been since September 15, 2017.
Altcoins have been hammered as expected with Bitcoin Cash, EOS and Monero taking the biggest falls in the top ten, all losing over 20% on the day. Litecoin and Cardano are not far behind with 18% dives and XRP and Stellar have only lost 13% at the time of writing.
Damage in the top twenty is even worse with Dash taking the largest dump at 23% to $168. Iota and Neo are also in a bad way with over 20% losses on the day and the rest are all hurting almost as bad. Tron, Ethereum Classic, Nem, VeChain and Zcash have all ditched 17-18 percent over the past 24 hours.
Only Dogecoin is under a double figure decline at the moment, losing just 5% on the day. There are no gainers in the top one hundred today as all altcoins are still in free fall. The biggest hit has been taken by Bitcoin Diamond following its unnatural pump yesterday; BCD is down 32% on the day. Also suffering heavily and losing over 25% at the moment are Bytecoin, IOST, Stratis and Bitcoin Dark.
Total crypto market capitalization has crashed over 15% in a single day marking the year’s worst daily decline. Two huge purges resulted in this massive loss which has currently settled at $203 billion. Technical indicators are all extremely bearish and markets could well slip to another 2018 low point over the next few days.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.