Market Wrap
Crypto markets dumped for the third time in three days, Ethereum, BCH and BSV hurting, Tron recovering.
Following a weekend of very minimal activity on crypto markets a third wave has dumped another $5 billion from them late on Sunday. This latest purge, the third in as many days resulted in total market capitalization dropping below $117 billion before recovering a little today.
Bitcoin has fallen through key support at $3,600 and hit an intraday, and yearly low of $3,545 a few hours ago. BTC is currently trading at the bottom of its range, down 2% on the day at $3,590. Analysts are predicting further losses over the coming months and the 2019 rally is now officially over.
As usual Ethereum has been hit harder with a 5% dump back to $116 before it made an attempt at recovery to $119. Since its high of $160 ETH has dumped over 25% and even Constantinople cant rescue it at the moment. The gap between XRP in second is now almost a billion dollars again as the Ripple token recovered much quicker and is only posting a 2% loss on the day.
Altcoins all slid back further wiping out all recent gains and posting new 2019 lows. Bitcoin Cash, Litecoin and Bitcoin SV are shedding the most during the Asian trading session with 6 – 8 percent losses. Tron has actually recovered fully from this third slide and is currently up 8% on the day.
Further down the chart the top twenty is in more pain with every crypto in the red at the time of writing. Iota and Ethereum Classic have both lost over 5% on the day, the rest have dumped 2 – 4 percent.
There is very little fomo going on right now but Tron is the top performing altcoin in the top one hundred. Revain and Chainlink are also clawing back 6% on the day but generally only stablecoins are showing green right now. Hypercash and REPO, yesterday’s two fomo recipients, are dumping those gains today with 16 and 13 percent losses respectively.
Total market capitalization plunged over 4% in a third dump a few hours ago but has since recovered to $119 billion. It has just hit the lowest level of 2019 and is less than $20 billion away from 2018’s low. Chances of recovering now are very slim and the most likely direction for crypto markets to go next is down.
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.
