Just like most of the mornings over the past couple of week, this morning is a daunting one for many crypto traders and investors – who are probably dreading getting up to see the markets plummet once again with no end in sight.
Over the past 24 hours, the plummet has seen a dump of more than $12 billion in the total cryptocurrency market cap – bringing it down from $255 to $243 billion which equates to a 4.7% fall. The trade volume also took a drop from $18 billion to $11 billion.
The short recovery of Bitcoin got knocked down as the markets lost $8 billion in just over two hours. The Bitcoin price has fallen 3% on the day and is now struggling to stay about $6k. currently, it is trading at $6,098 but the prediction of a decline to around $5k seems more and more realistic. It’s true that Bitcoin is in a downward channel and approaching more critical support levels.
Ethereum has fared even worse, dropping 5.8% to a price of $432 and going near to the $400 mark – or below $370 – which will be the lowest this year.
EOS is taking the biggest hit at the time of writing. The cryptocurrency which launched its mainnet recently was down over 8% to $7.50 – bringing major concerns about the network and its lack of decentralization.
Bitcoin Cash, Litecoin, and Ripple are also getting bashed. While the first two are dropping by around 7.5%, Ripple’s XRP could not make it back over $0.50 and has lost 5.2% on the day, falling to $0.45 and matching its lowest dip of the year.
The only altcoin that saw green in the top 30 is Qtum which is up 7.3% on the day to under $9.
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