Total Cryptocurrency Market Cap Takes A Hit As Bitcoin Plunges Again

Total Cryptocurrency market cap reached a new high this year of $285 billion but a couple of hours ago earlier today, it plunged back to $260 billion. Let’s take a closer look at the price analysis in the coming altcoin news.

The sharp rejection of the above $9K resistance level was not really unexpected. The price of bitcoin has been poised to pass this resistance level during the week but when it did, there was a fake out that happened and all of the crypto prices plunged back in a matter of minutes.

This action sent $25 billion out of the crypto assets and directly to the fiat sector as the fear of a bigger correction is increasing. The total cryptocurrency market cap reached the $285 billion level when Bitcoin increased above $9K but it later smashed about 10 percent and went back to the $260 billion levels.

As usual, the altcoins got the hardest hit. Most of them are stuck to bitcoin so much that whenever the largest crypto gets hit, they fall down with it. Many were also dumping double digits during the Asian market session today. For example, Bitcoin SV shed about 20 percent after the fake dump yesterday while Bitcoin diamond lost nearly 19 percent.

Ethereum fell back to the $250 position while Bitcoin Cash dropped to $420 after losing a similar percentage. The rest of the altcoins are wiping off the recent gains as well. If you take a closer look at the entire crypto market cap, it is still up by 7 percent on the week and 54 percent on the month. This means that the total value is up by 100 percent since the start of 2019 since May was the best month for crypto in a long time.

There were many opinions for the pullback of this magnitude recently. If this was the beginning, BTC/USD will return up to $6K position before stabilizing.

As reported in the latest cryptocurrency news, Bitcoin stabilized above $8,200 after it dropped by ten percent yesterday. Dropping below $8K could lead the things to go south very fast with the next major support level being the $7,400 zone. Dropping below that will reach the 30 percent territory.