Today’s most popular words in the crypto headlines are sell-off, dump, drop, decline and red. In another attack by the bears, a lot of coins in the Top 100 coins have fallen victim to double-digit losses.
The entire crypto balance has lost almost $10 Billion overnight. From $137 Billion yesterday morning, the market capitalization has now reached $127.7 Billion. Despite the drop, the volume is still larger than usual at $20 Billion. The BTC dominance has now reached 52.3% which is what happens when altcoins get squeezed by sudden drops.
The bears led an attack on the Bitcoin earlier this morning, and in just one 4-hour candle, dropped $200 down the drain. From $3982, Bitcoin is now at $3735, losing -5.74% on the day. The market capitalization has dropped to $66.8 Billion from yesterday’s $70 Billion. On the 4-hour chart, it is still supported at $3724 with the next level of strong support at $3680.
As always, Ethereum is losing harder and shedding last weeks gains and has now lost -11.89% on the day. Currently, it is trading at $129.93. Its market cap has fallen to $14 Billion and has fallen to third place against XRP on the market capitalization ranking again.
The Top 10 still has one shining armor against the bears. TRON is leading the Top 10 with a 3.68% gain taking its price to $0.028. Earlier, TRON has reached even higher before dropping to this level. Unfortunately, the rest are dropping like hot potatoes. Bitcoin Cash leads the losses with a -14.93% dump. Litecoin dumps last weeks gain with an -11.73% loss on the day. Bitcoin SV is fighting for its life at the 10th position with Cardano ready to retake its position on the Top 10. Apart from TRON, Tether is the only other green in the TOp 10.
The Top 20 are not getting any better with double-digit losses all around. Both NEO and Monero are at 13% losses. IOTA has lost -11.43% on the day. Down at the 25th position, VeChain is also feeling the pain at -10.15%. The only green in the Top 25 is USD Coin at 0.27%.
The rest of the Top 100 is riding the Bitcoin drop with most of them on double-digit losses. Only the stable coins are green as traders park their coins to avoid further losses. Holo, a good performer on the Top 100 yesterday is now dumping at -20.68%. Stratis, Crypto.com. Chainlink, and ICON are also dumping hard between 11% to 15%.
Where this sudden fall might lead the markets, it is still uncertain. Overall, the market is still on the range, but the analysts are getting impatient and are again predicting that things will worsen and finally head south to fulfill its $3k prediction.