Asian Cryptocurrency Trading Update: Chance of a Third Bounce, or New Low Looming

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FOMO Moments

The bears have full control and crypto markets are sliding further again today. With almost $20 billion shaved off in 24 hours things are looking grim in crypto land. Bitcoin is falling dangerously close to $6,000 and altcoins are getting punished as usual. BTC has declined a further 4.3% on the day to $6,580 and ETH has fared even worse dropping 7% to $495. There is a sea of red across the boards during this morning’s Asian trading session and there are no gainers in the top 100 altcoins.

Total market capitalization has collapsed another 6% over the past 24 hours dropping to $282 billion. Trade volume has remained steady at around $15 billion. The fall marks the lowest point in total market cap since April 12. It is shaping up to be the third time markets have dropped to these lows and it could form a critical support level. There may be the last chance for a bounce or things could get ugly fast if market cap falls below $250 billion marking a new yearly low.

BTC market dominance is currently just under 40% but its price has fallen to the lowest level since the February 6 dip of $6,250. We could well be seeing Bitcoin go down to $5,000 before showing any signs of recovery. Of course all other cryptos will be dragged down with it.

All altcoins have been battered in the past 3-4 days and some have fallen by double figures today. The biggest loser in the top ten is Iota falling by over 9% to $1.27 or 19200 satoshis. EOS and Tron are not far behind with both losing 8.5% on the day. There have been double figure losses for Bytecoin, Zilliqa, 0x, Verge, and Nano.

Even yesterday’s Coinbase announcement could not prevent Ethereum Classic wiping out most of its gains and falling 7% on the day back to $14.60. Good news, exchange listings, and partnership announcements are no longer enough to keep a coin buoyed up in this very negative market. It seems that those who got into crypto in late 2017 and early this year are licking their wounds and running. Ones who got in in early to mid-2017 will still be up but starting to get anxious. The next few days will be critical for cryptos, can a third bounce come or are we looking at a new low for Bitcoin and its brethren.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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