Crypto Market Wrap: $5 Billion Dumped to Bottom of Trading Range

Market Wrap

Crypto markets dump to bottom of trading range, Ethereum, Bitcoin Cash and Litecoin suffering, TenX still climbing.

Following almost a week of inactivity crypto markets have started to dump again. A break through support zones for several of the major crypto assets has resulted in total market capitalization plunging back below $120 billion again for the fourth time since the end of November.

Bitcoin has failed to hold above $3,700 and dumped almost 4% to an intraday low of $3,585. It is currently clinging on to support at $3,600 but is looking bearish at the moment and further losses could be imminent.

As usual the rest of the market has followed suit with Ethereum getting hit harder than the two above it. ETH has plummeted back to $117 with a daily dump of 5.5%. The gap to second placed XRP has widened back up to almost $1 billion again as the Ripple token only lost half the amount.

An entirely red top ten compounds those Monday morning blues with Litecoin losing most of its 5% gained yesterday. Bitcoin Cash has also dumped over 5% and EOS is not far behind it during the day’s Asian trading session. Tether has flipped Stellar again to take sixth spot.

An equally painful top twenty sees Maker slide the most at nearly 9% as it is about to be flipped by Zcash. Cardano, Dash and Neo are all ditching over 5% on the day has markets retreat once again.

TenX is still enjoying the fomo today with a PAY pump of 30% over the past 24 hours. The Singapore issued credit cards still driving momentum for today’s top one hundred performer which is the only altcoin making double figures. Getting dumped by doubles at the moment is Holo, Revain and Augur dropping around 12% each.

Just below $5 billion has been dumped out of crypto since the same time yesterday. The 4% slide has taken market capitalization back to $119 billion, its lowest level since last Monday. The monthly view still shows a range bound market but we are now right at the bottom of that trading range as dark clouds still loom in crypto land.

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.

The post Crypto Market Wrap: $5 Billion Dumped to Bottom of Trading Range appeared first on NewsBTC.

by Martin Young on January 21, 2019 at 12:30PM