The crypto markets have been falling fast these past hours. The slow drop has been continuing the midweek last week, but today the whole crypto board is in crisis. The altcoins are bleeding by the dozen and the Top 10 was not spared from big losses in this midweek massacre.
The market capitalization has fallen below $210 Billion and currently hurting at $205.9 Billion. The trading volume remains at $13 Billion. As expected, the Bitcoin dominance is surging up and now at 53%.
Bitcoin is approaching critical support lines as it falls to $6343 from yesterday’s $6449 at this same time on Binance. It has been ranging for the past days but sellers have now broken through the defense lines and the day could prove to be a hard fall if the bulls are not able to defend the price. Buyers might appear at the $6329 support but then again, if things go south, we might fall as low as $6240. The 4-hour chart is clearly on a bearish zone and the technical indicators are diving fast for the oversold levels.
Ethereum, holding fast despite Bitcoins dragging the entire market, has followed Bitcoin at last with a severe drop from yesterday’s $211 to today’s $203. A very steep decline that could prove to be a hard level to recover from. The major support level is at $200. It will be a battle today to prevent loss beyond this level.
In the Top 10 list, things are not going easy either. Red colors the day and deep drops are the norm. It has been reddish the past days but not as bad as today is beginning to turn out. Bitcoin Cash, which has been showing small gains earlier suddenly dropped to -6.10% dragging the price down to $483.76. Stellar is not in a better place and has lost -6.49% on the day. Cardano as well has dropped to $0.070 losing -5.76% on the day. The rest are reeling with 2-4% loss.
Our Top 20 coins are not immune and is faring slightly worse than the Top 10. NEM has dumped a double-digit loss at -10.38% after bringing the bacon yesterday. 0x has lost -7.70% on the day dropping to $0.617 trading price. VeChain is losing heavily too at -6.49%. The rest are at 1-4% losses.
It seems that no one is safe in this screeching drop and the remaining coins and tokens on the Top 100 is even more vulnerable. There’s hardly any green in the list. Those greens are the ones currently pumping such as Etheera, continuing its pump from yesterday and now adding 11.33% on the day. Etheera is a new addition to the Top 100 -a token that operates on a token focused on real-estate which provides properties for purchasing, renting and bed & breakfast offers. Sirin Labs Token, another lesser known token for a blockchain enabled smartphone with a built in cold storage wallet, is also pumping at 10.29%. The rest are a black and blue coins that are reeling in loss and shock. WAX is the biggest loser and had a huge blow with -19.39% loss on the day. Reddcoin has lost -12.03%. Decentraland and BAT both lost 10% on the day. Mixin and Ark lost 8%. Ravencoin, HyperCash, FunFair, Waltonchain, Nxt and CyberMiles have all lost 7%. Below this, although not listed here are a huge whammy on the coins and tokens at 3-6% losses.
Overall, the day is a noisy wake - up call which is due anyway, after a few days of ranging.