After two days of good performance, the crypto market is diving again. The board is turning red and the gains earned from the past days are beginning to narrow. The momentum has faded during the last candles and it is clear that we're in for another bumpy ride soon.
The total market capitalization is dropping fast and has lost $8 Billion in the last few hours making it to $132 Billion from yesterdays $140 Billion. The trading volume is at $16.5 Billion and BTC dominance is at 53.9%.
Bitcoin is beginning to drop and is currently at $4101, losing 8.12% at the time of this writing. For a while, despite low trading activity, it has stabilized at $4300 after rejecting $4400. On the 4-hour chart, the MACD is diving back to the bear side, and the other technicals are going to the oversold too. The next support level is at $4100 and at this stage, it will soon cross down to $4000. Ethereum is falling back again and has now reached $113, losing 7.46% at the time of this writing. It's quickly dropping back to its yearly low.
The rest of the Top 10 has quickly followed with Cardano having the biggest loss at the time of this writing. It has lost -12.26% bringing the price to $0.038. EOS follows with a -10.93% loss on the day. This, after also performing poorly yesterday, brings its price down to $2.83. The rest are at 8-10% loss. This is quickly turning into another bloodbath as we go through the Top 100. The only one not quickly catching on to losses are Tether at -0.25% loss (expectedly), and Bitcoin SV at -0.35%.
The Top 25 has the same story, quickly capitulating to Bitcoins movement’s as suddenly almost half have jumped to double-digit losses. Tron has lost -15.19% with the price dropping at $0.0136. VeChain has lost -15.03% and trading at $0.0046. Tezos is now at -14.79% and Ontology at -12.54% loss. NEO and NEM are both losing 10% on the day. The rest are also bleeding somewhere between 3-9%.
Down the Top 100, the reaction is fatal with most of the board quickly turning into double-digit losses. Majority are already in the red with huge losses. The biggest loser is Sirin Labs, which was pumping yesterday. It has lost -32.68% of its gains from the past 2 days. Verge is also dripping with blood at -25.85%. The rest are heavily losing for the past hours and except for stable coins, losses are varied from 4-20%. On the other hand, we still have some pumping coins at the moment. Theta Token has managed 46.07% gain and Gold Bits Coin is back to our pump list at 26.99%.
Overall, this drop is not looking like a simple correction and may still be connected to Bitcoin trying to find its bottom. Altcoins are, as usual being the worst hit with any Bitcoin movement.