Crypto Market Falls to a New 2018 Low, Loses Close To $28 Billion in Market Cap in Just A Day
The last 24 hours represents the worst time to be in crypto markets in 2018. A massive dump removed close to $28 billion from its market cap. Not only was it the worst individual day for cryptos, but the timing of this event also comes at one of the worst time possible. Not only did the volatility return in this space, but it is stronger than ever.
To talk about bad timing, Bitcoin Cash (BCH), which has it's much talked about hard fork scheduled later today lost more than 19% of its value. It dropped over 50%against USD and close to 40% against BTC.
Bitcoin is currently trading at $5,650 which represents close to 11% decline in a day. The declining market has further tightened the race between Ethereum and XRP with XRP being ahead of ETH currently but only by a market cap of $10 million. The 2nd and 3rd biggest cryptos right now lost 10% and 13% respectively.
All of the top 100 coins make up a massive sea of red with only green spots being stablecoins.
DonAlt, an honored cryptocurrency trader and a technical analyst said:
“BTC looks pretty weak, this might be the first time I’m not buying $6,200 in quite a while. I’m just not trusting it to hold forever after getting battered for so long. If it does break, alternative cryptocurrencies will suffer hardest.”
The only altcoin in the top 100 which is not a stablecoin and trades in green is a lesser-known coin called Nasdacoin which has surged 300% in the past 24 hours. Although the seasons for it for doing so is not known. The market cap began on 14 November at just above $18 million and the following day, the market cap stood at $92.34 million, a whopping 413% increase. The market cap since fell to a low of $64.3 million but rose back up to $73.01 million, where it currently stands.