A New 2018 Low, Why Are Bears Mauling Crypto Markets
FOMO Moments
The train wreck is not over, EOS, IOTA, Ethereum Classic, VeChain still slumping
More doom and gloom this morning in crypto land as traders are dumping digital coins like hot rocks. Another new yearly low point has been hit as market capitalization fell below $225 billion for the first time in nine months. The crypto winter of 2018 is far from over.
Bitcoin has broken through several levels of support over the past couple of days tumbling back another 2.5% today to $6,350. BTC has shed 24% in two weeks, sliding from a high point of $8,400 to its current levels. On the month however the picture does not look as bleak as it is almost back to the same point this time last month. Ethereum has not been so fortunate and is also down 2.2% to $360 which is a new 2018 low.
Altcoins continue to bleed today as many reach lows not seen for over a year. It appears that the entire crypto market has taken the past 12 months to correct itself. While losses in the top ten are not as heavy as yesterday many cryptos including EOS, Stellar, Litecoin and Iota are down over 5%. EOS has lost 73% since April and is down to $5.66 today. Litecoin is back to early November prices and has fallen further today to $62.7.
Further down the list the picture gets bleaker with Ethereum Classic, OmiseGO, VeChain and Qtum dumping another 6-7% on the day. In the top thirty only 0x, Decred, and Maker have not lost any more in the past 24 hours, though their gains are tiny.
Making a recovery at the moment is ChainLink adding 12.4% back to its value, and Japan’s Monacoin which has clawed back 10% on the day. A few other obscure alts are making a little back but the majority are still dumping as the markets get mauled.
Total crypto market capitalization has fallen a further 3% on the day to $224 billion at the time of writing. A dip of $219 billion was made a few hours ago signaling a loss of over $80 billion in a fortnight. This is the new low for 2018 and markets have not been at this level since mid-November when they were strongly bullish. Daily trade volume is currently around $14 billion as the bears continue to dump their altcoins in a FUD fueled frenzy. Will August 9 be known as the lowest level in 2018 or is more pain yet to come to crypto land?
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post A New 2018 Low, Why Are Bears Mauling Crypto Markets appeared first on NewsBTC.
by Martin Young on August 09, 2018 at 04:05PM