The rout has continued today following a mass Ethereum selloff in a couple of hours yesterday. Markets are tumbling precipitously towards $300 billion, their lowest point since mid-April and a key support level. Failure to hold this could send all cryptos down towards their end of March yearly lows. Bitcoin has floundered again losing 3% on the day and falling to $7,150. Ethereum has also been battered and all altcoins are currently bleeding. There are no cryptocurrencies showing gains in the top 50 during the morning’s Asian trading session.
We have to go back to the end of March to the last time every single crypto currency was bleeding. Technical analysts are warning of a bearish breakout as Bitcoin closes below a long term consolidation pattern. Ethereum has fared worse losing 6% on the day and falling to $530. There is a high probability of it falling further, below $500 which is currently a major support level.
In the top 25 the altcoins suffering the greatest losses at the time of writing are Bitcoin Cash down 9.5%, Tron crashing 13.5%, Nem losing 10.3%, VeChain down 10%, Bytecoin dropping 13.4%, Zcash down 12%, Icon losing 10.5% and Zilliqa shedding 12.5%. Looking at Coinmarketcap’s gainers and losers for the day shows a few obscure altcoins making positive moves signaling pump and dump action.
Total trade volume has increased a little over the past day from $13 to $17 billion but market capitalization has fallen 6.7% as $22 billion left the crypto space in 24 hours. Bears are currently smashing the markets which look like they could be heading back to the $270 billion level the same time two months ago. Since the monthly high of $470 billion on May 6, crypto markets had hemorrhaged 35%. Bitcoin market dominance is up to around 40% as Ethereum and all altcoins take a heavy beating for the third time in 2018.
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Author: Martin Young”