Crypto Market Losses $16 Billion, Tron, EOS, Litecoin, Bitcoin Cash Decline Over 10%
After seeing greens last week and half of this week, Bitcoin and cryptocurrencies are making a correction as top cryptocurrencies decline between 7 to 14 percent.
The leading cryptocurrency is down more than 4 percent but still managed to stay above $5k. At the time of writing, Bitcoin has been trading at $5,047, as per Coinmarketcap with a market cap of $89 billion that dropped from $92 billion.
BTC is currently managing the daily trading volume of $1 billion as per Messari’s Real 10 24-hr volume which has surged about $200 million since yesterday, while $17 billion is registered on CMC.
BTC USD chart, Source: TradingView
However, this pullback didn’t come as a surprise as we already reported that analysts and traders are expecting a pullback after seeing significant gains last week. The surge of more than 25 percent in Bitcoin is bound to have some correction before it starts its upwards journey.
When it comes to lows, a downward move till $4,100 could be seen in this pullback but going below $4k or hitting a new low to $3,200 is not projected to be in the cards for the flagship cryptocurrency.
Why I believe the Bitcoin bottom is in – looking at Bitcoin halving events
As you can see, around 1 year before the halving, a bottom forms
A big move up is seen leading to the one year away date, then a drop to form the ultimate bottom, before this price isn't seen again pic.twitter.com/r10PttfWw6
— Mr. TA (@Trader_M4tt) April 10, 2019
Altcoins Take A Deeper Decline
As usually happens in a red market, in comparison to Bitcoin’s 4 percent decline, altcoins are falling even harder. This has the total market cap losing $16 billion as it goes back to $170 billion.
Among the top cryptocurrencies, Tron (TRX) is the biggest loser with more than 14 percent losses at $0.026.
It is followed by Bitcoin Cash (BCH) which is nearing 14 percent loss at $261 and then Bitcoin SV (BSV) which is down by almost 12 percent.
While XRP is down by 7 percent, other cryptos like Stellar, Cardano, Binance Coin are in the red by more than 8 percent.
Today’s biggest loser is IOST by 18.68 percent gains while only eight cryptocurrencies are in the green, a majority of which are stablecoins. With 46 percent gains, Lambda is the biggest gainer followed by Crypto.com Chain that is in the green by 15 percent.