Cryptocurrency Market Update: $5 Billion Dumped as Markets Fall Back Again
Cryptocurrency markets still falling; Bitcoin Cash hammered again, BSV and Nem close behind, only DEX rising.
The crypto dump has continued and markets have retreated again this Friday. All hopes of a rally extending to the new year have now died as the bears keep the selling pressure up. Markets have fallen again today and are close to dropping back below $120 billion total market capitalization.
Bitcoin took a dive below support at $3,800 yesterday and has extended losses during Asian trading today. BTC is currently down over 3% on the day and has found a lower support level around $3,650. Further losses are expected as the technical signs are bearish.
Ethereum as expected has followed suit but with greater losses. Shedding another 5% over the past 24 hours ETH is back below $120 again and is looking weaker by the day. XRP is experiencing similar losses so the gap between them has remained the same.
The top ten is all red again for the third day this week. As usual Bitcoin Cash has lost the most with over 10% dumped back to $150 again. EOS has lost 7% which has allowed Stellar to retake fifth spot with a decline of around 4% on the day. Litecoin has jumped Bitcoin SV which has dumped another 8% on the day.
The top twenty is not pretty either and a sea of red remains. Nem is losing the most at over 8%, closely followed by Dash and Neo on 6%. Only Iota remains at the same level as yesterday, all others are falling.
DEX is getting another big dose of fomo with a 34% pump at the moment however it will be dumped again tomorrow. Two obscure new entries to the top one hundred are also getting a pump, Endor Protocol and Credo are in double figures. The only altcoins dumping double digits at the time of writing is Qash. BCH is second and Holo and Bitcoin Diamond not far behind.
Total crypto market capitalization has shed a further 4% on the day falling back to $127 billion. Another $5 billion has left the space over the past 24 hours and things look to be heading back to yearly lows before the year is out. Trade volume has remained at around $15 billion and Bitcoin dominance is slowly creeping back up as altcoins slide.
FOMO Moments 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.
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