Crypto Markets Move Again With a 6 Billion Dollar Dump

FOMO Moments

The bears have awoken; Altcoins are dumping, only Maker, Nxt and Waltonchain survive.

We have been waiting for some movement on crypto markets and it has finally arrived. Unfortunately in the wrong direction, however, and another dump has seen $6 billion shaved off cryptocurrencies as they plummet back towards $200 billion total capitalization.

Bitcoin finally broke down and could not hold its support level resulting in a $150, or 2.4%, dive down to $6,340. The longer term consolidating channel is still intact providing BTC stays above $6,000 which seems likely at the moment. Ethereum followed suit and has lost 3.8% on the day dropping to $197.

Altcoins, like the digital lemmings that they are, all jumped off the cliff in hot pursuit and the boards are red this morning in Asia. Taking the biggest hit has been Litecoin shedding 6% to fall below $50 for the first time since September 2017. Bitcoin Cash, EOS and Cardano have all lost between 4-5 percent at the moment and the rest are not far behind.

The further down the chart we look, the greater the losses. In the top twenty Tron, Iota, Neo, Ethereum Classic, and Zcash have all dropped over 5% on the day. There is only one altcoin in the top fifty surviving the rout at the moment and that is Maker, posting a gain of 2.3% to trade at $628.

There are no major pumps occurring but a couple of altcoins are surviving in the top one hundred at the moment. Nxt, Waltonchain and DigixDAO are all up 3-4 percent at the moment as their brethren suffers. The biggest losers over the past 24 hours are Revain, Komodo, Dentacoin, and Stratis dumping 9-11 percent overnight.

Total crypto market capitalization has lost almost 3%, or $6 billion, since yesterday and is currently at $203 billion. Those that wanted the volatility back have got it, the bears are roaring again in crypto land. Altcoins have taken most of the brunt of the purge and Bitcoin dominance has crept back over 54%. The three month chart still looks flatter than a squished pumpkin.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Crypto Markets Move Again With a 6 Billion Dollar Dump appeared first on NewsBTC.

by Martin Young on October 30, 2018 at 09:30AM