Many Crypto markets are dumping hard; Stellar, Cardano, BSV, NEM and IOTA are in a world of pain, however Matic is still moving.
What’s Been Happening In The Market…
The big Bitcoin pullback has finally begun. Crypto markets are tumbling today in Asia as Bitcoin drops precipitously below key support consigning the altcoins crashing around it. Total market capitalization has shed over $14 billion and is drawing near $235 billion at the time of writing.
Soon after a very clear double top formation, Bitcoin failed to break resistance and began on a downward slide that has led to a 4.3 percent dump on the day. From trading just below $8,000 BTC has receded to just above $7,600 at the moment. Analysts are sizing up resistance at $7.4 k and $6.8 k with further declines likely if these can not be held.
Ethereum has done the same as expected and with a 7.5 percent dump is now back at $237. ETH has not managed to decouple from Bitcoin and could possibly return to support at the $232 area.The top ten is awash in red during Asian trading today. Cardano is getting crushed over 10 percent and Stellar is not much behind, dumping 9 percent. XRP, Bitcoin Cash and EOS have all dropped 7 percent and only Binance Coin is staying afloat, just above $30 with a 2 percent decrease.
Big trouble faces the top twenty currently as Bitcoin SV dumps 12 percent of its epic gain yesterday. The US Copyright Office has earlier said it does not analyze whether there is a provable connection concerning the claimant, Craig Wright, and the pseudonymous BTC code author, effectively raining on his parade. Similarly getting dumped on is NEM with a 12 percent slide, IOTA dropping 11 percent and Cosmos at 10%. The rest are decreasing 6– 8 percent during the time of writing.
FOMO: Matic Still Moving
Yesterday’s Binance stimulated pump is still moving today as MATIC increases another 20 percent to its price. Embellishment from the world’s biggest exchange can do wonders for a crypto project and give it a somewhat unfair advantage over its competitors. Crypto.com Chain has equally had a little bit of a revival with a 10 percent surge against the flow today. The Singapore based crypto wallet and card keeps adding new assets.
There are too many double digit dumps today to count but those at the messy end of the top one hundred include Insight Chain, Enjin Coin, BSV, NEM and Qtum all losing over 12 percent.
Overall crypto market capitalization has been clobbered $14 billion as it surrenders to $236 billion today. The mass exodus is not concluded yet as Bitcoin searches for support. On the week crypto markets have lost 7 percent but on the month they’re still up nearly 25 percent so this pullback is certainly nothing to be too concerned about … yet.
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