Market Wrap
Huge crypto market purge dumps 11% in a day; all altcoins in a world of pain, all 2019 gains obliterated.
Another dump followed yesterday’s initial 60 minute crypto purge eight hours later. This has exacerbated daily losses and resulted in an outflow of $16 billion over 24 hours. Total crypto market cap is now just over $120 billion and further losses could be imminent.
Bitcoin led the downward charge once again when it bounced off resistance at $4,050 and plummeted back to $3,850 where it held for a while. The second wave sent BTC sliding back down to $3,650 resulting in an overall loss of 9.5% on the day. The $3,600 level is a key support zone and falling through this could spell bigger losses for Bitcoin. Ethereum has been smashed with a loss of over 14% dropping it back below $130. This has enabled XRP to retake second spot with a loss of 12%. The market cap difference is only $100 million though so these two could be swapping places for a while.The rest of the top ten is a bloodbath today. All altcoins have dumped double digits over the past 24 hours with Bitcoin Cash and EOS taking the brunt of it at over 17%. Tron has ditched a lot of its recent gains and fallen back down the chart to ninth.
The top twenty is even more of a mess during the day’s Asian trading session. Cardano has been annihilated with a daily dump of almost 20%. Iota, Monero and Neo have all shed over 15% and the rest are not far behind. The only survivor in the top twenty seems to be Zcash as it has only lost 4%. There is no fomo to be seen today so the coin at the top of the top one hundred in terms of performance at the moment is Verge with a 4% gain. The only others in the green are stablecoins. The two biggest losers are Cardano and Bitcoin Cash but there are too many dumping doubles to count.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.