The crypto market continues its purge this Friday morning and the losses are turning the crypto streets in more reds. This near weekend, further losses could be at hand. There were no clear reasons for the sell-off except the reversal of the earlier gains.
The entire crypto balance is now at $123.5 Billion from yesterday’s $127 Billion. The trading volume is still steady at $20.5 Billion but most of it may be an outflow. As of this writing, the BTC dominance has risen at 52.3%.
Bitcoin, after being rejected at $3900, fell down quickly to $3700 yesterday morning. It went downhill from there and is now at $3694 on Coinmarketcap at the time of this writing. It has lost -3.84% on the day and is in danger of more losses, having lost 6.4% of its value since this time on Thursday. The $3600 level is a key support zone and falling through this could spell bigger losses for Bitcoin. It could end up at the next major support level at $3540. On the other end, we have the new major resistance level at $3750.
Following Bitcoin’s lead, Ethereum has lost another -5.89% on the day. At the time of this writing, it is at $128.79 on CoinmarketCap and is heading for more losses. Current market cap is at $13.4 Billion with the trading volume at $3 Billion. The next level of support is at around $117. If it reaches and breaks this support, it could open the floodgates for more drops potentially getting back to December’s lowest price.
The rest of the top ten has not been spared by the devastating declines this week. It has been suffering heavy losses with Tron leading the biggest losers this time with an -11.71% drop after a three day holiday when it surged despite the market uncertainty. EOS follows with a -7.61% loss on the day, taking its price to $2.45. Litecoin has been dumping again with the price at $33.48 and a loss of -6.05% on the day. The rest are at 3-5% loss this Friday morning.
For the Top 25, one coin is on the green despite all the chaos on the streets. Zcash has reached a 3.62% gain on the day with the price at $58.94. Unfortunately, the rest are all losing heavily for the second day. Maker has lost 6% on the day. IOTA and Cardano has lost another 5% today. Monero, Dash, VeChain, and NEO, are all at 4% losses.
Down the Top 100, Verge is the coin of the day as it rises above the current market malaise with a 24.69%. There are no other good performers today except for a few marginal greens from stable coins. On the other end, Revain is the biggest loser, with a dump at -15.39%.