Bitcoin is below $6k and altcoins getting hit harder – EOS, Litecoin, Cardano and Ontology all suffering heavily.
Following another week of heavy losses crypto markets have broken below $250 billion and are poised to head further south. Many speculate that Bitcoin will go down to around $5,000 where it will find support before heading back upwards again. The bottom line is that speculation is all this really is and nobody truly knows how low this bearish market will take us. BTC is currently 3% lower than yesterday’s value trading at just below the critical level of $6k at $5,960 at the time of writing. Ethereum has declined 3.6% on the day to trade at $455, altcoins predictably have suffered heavier losses. Nearly all of them are in the red this Sunday morning but a couple of them have slowed in their downward slide.
In the top ten EOS once again has taken the biggest hit, plunging a further 13.6% on the day according to Coinmarketcap. The bottom seems to be falling out of EOS which has been long hyped as the next big thing and an ‘Ethereum killer’. At the moment it is getting killed itself, trading at $7.40 down 38% on the week from $12 this time last weekend.
Litecoin is also having a really bad time at the moment, down another 9.3% on the day to $77, its lowest level since late November when LTC began its meteoric rise. Cardano is suffering a 9% loss on the day, trading at $0.128 from over $0.14 this time yesterday. ADA has lost 22% over the past week and has the third highest decline in the top ten.
VeChain is another altcoin in pain at the moment, with a 9% fall on the day to $2.58. OmiseGO has dropped below $8 for the first time since April 1, down 8.3% on the day to $7.60. Ontology is also getting hammered with a 13.8% decline on the day. ONT is currently trading at $4.52, down almost 50% from its levels at the beginning of June. Decred and Zilliqa are in a bad place at the moment, both down over 12% on the day.
There is only a handful of altcoins that have not lost ground or are slightly up on the day and these include Dragonchain up 5.4%, Enigma 3.6% higher, Smartcash trading 3.2% higher on the day and Lisk and Monero which are at the same level as yesterday.
Total crypto market capitalization has fallen a further 4.7% today, hemorrhaging $12 billion in 24 hours. Current levels are around $245 billion which is the lowest point of the year so far, matching the big dip on April 1. A fall further could see losses extended as Bitcoin heads back towards $5k.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.