Gone in 60 minutes: Crypto market dumps $10 billion
“All things considered, Tron is by far the top performing altcoin”
Cryptocurrency markets wipe several billions in under an hour as Ethereum and Bitcoin Cash lead the sell-off straight into the dreaded red sea again.
The well-known pump and dump cycle appears to have no end in sight, as markets yet again demonstrate their inability to hold short-term gains. At the time of writing, total market capitalisation is back below $130 billion as the rinse and repeat cycle continues unabated.
Bitcoin bounced off highs of $4,060 twice before retreating to lower price points. A massive hourly red candle gave the sell-off signal which saw BTC back below $3,850, resulting in over 5% declines on the day.
Shedding more value than others, Ethereum lost 11%, retreating back below $140 as it too slides off the slippery slope towards fresh weekly lows. At the time of writing, XRP has managed to reclaim the number two position, losing only 6% of its value during the sell-off. As the XRP-ETH flippening keeps repeating itself, crypto enthusiasts are now beginning to wonder whether ETH has enough investor confidence to reclaim and hold its second-place position indefinitely.
All in all, the top ten coins have received a heavy bashing. All except for Tron, which is still up on a daily timeframe by just under 7%. TRX briefly broke the $2 billion barrier before pulling back below it a few hours ago. As has come to be expected, Bitcoin Cash got utterly annihilated with a 14% slide back below $140. Litecoin and Bitcoin SV both dropped 10%. Presently, the two altcoins in the top twenty sliding over 10% are Ethereum, BCH, Litecoin, Bitcoin SV, Iota, Binance Coin, Monero and Neo.
On the stablecoin front, things aren’t looking that terrible, with USDC and Tether holding fast against the rest of the market – as is their intended purpose.
All things considered, Tron is by far the top performing altcoin in the top one hundred. In fact, it is the only one making double digit gains as the rest of the space bleeds profusely.
Total market capitalisation has fallen back to $127 billion over the past hour. Daily trading volume is at $19.5 billion but it is all outflow at the moment. The daily sideways channel between $3,573 and 4,230 is still intact but a lower low beyond £3,735 on the daily could signal another longer-term downtrend continuation.
Check out John McAfee’s comments about the future of the industry during this bear market cycle.