- Altcoins feeling the heat
- XRP can still go down more, shorts increase by 200% with latest breakdown
As Bitcoin drops nearly 6%, altcoins went on a crazy sell-off. Cryptocurrencies are in a deep red that has the total market cap losing almost $50 billion in the process.
But altcoins are the ones losing the most in this bloodbath as though BTC dominance has fallen from 71.4% on August 10, it is still around 69.5%.
Altcoins Feeling the Heat
Among the top altcoins, Tron (TRX) is the biggest loser with 14.40% losses followed by Bitcoin Cash (BCH) which is down by 12.29%. Ethereum (ETH), XRP, Litecoin (LTC), EOS, and Cardano (ADA) all are in the red by more than 11%. This severe drop in the value of cryptocurrencies has many altcoins turning negative in YTD returns.
XRP and Stellar Lumens (XLM) have already been down in value than where it started the year. XLM leads with 38.97% negative returns YTD followed by IOTA’s (MIOTA) 34.66% and XRP which is down by 25.77% since it entered the year.
With 6.91% negative YTD returns, TRX is the latest addition to this group along with NEM (17.69%), Zcash (12.04), and OmiseGo (14.85%).
XRP can still go down more
The third largest cryptocurrency has fallen to $0.263 but it’s not done falling yet.
$XRP ($BTC) Weekly
Still following the path. Almost there. pic.twitter.com/7ZSFyx8bpl
— The Wolf Of All Streets (@scottmelker) August 14, 2019
The recent fall also saw a 200% increase in shorts and they are now likely underwater.
“Every accumulation cycle usually ends with a spring to take liquidity below local lows. Once again, we saw this with BTC in 14-15,” said trader Credible Crypto.
If the bottom is here, then XRP’s spring time would be coming soon. But it is yet to be known which crypto asset will be able to make it this time.