Crypto Market Wrap: Red Monday as Altcoin Selloff Accelerates

Crypto markets falling back on Monday; BSV, XRP, and Tron dropping back, Litecoin and NEO stay afloat. 

Market Wrap

Crypto markets are seeing red as we begin another trading week. Most of the majors are in decline following Bitcoin’s failure to hold gains and break $8,000. Total market capitalization has dropped below $250 billion and is poised to fall further as the selloff accelerates.

Bitcoin has dumped 2.5 percent on the day falling from just under $8k down to support at $7,500. BTC recovered a little during early Asian trading but is still down on the day trading at around $7,700. A big bearish signal was given by the weekly candle which was biggest drop since December at almost 11 percent.

As expected Ethereum is faring no better with a slide of over 3 percent down to $235. There is strong support around the $210 area and it could soon be there if analysts are correct.

The rest of the top ten is in the red as crypto declines increase. Bitcoin SV has dropped the most at over 6 percent falling back to $183. XRP is not far behind with over 4 percent lost as the Ripple token falls below $0.40 again. Bitcoin Cash, Binance Coin and Stellar are not doing much better. Litecoin has remained steady as halving fomo continues to drive LTC higher.

Top twenty losses are marginally greater with Tron dumping the most at over 5 percent. IOTA, Cosmos and Ethereum Classic are all losing around 3 percent and NEO is the only altcoin in the green adding 2 percent to remain over $12.

FOMO: Nebulas Skyrockets

A massive dose of fomo has hit NAS today as it shoots up 45 percent. The autonomous smart asset platform does not appear to have anything fundamentally driving it aside from yesterday’s Nebulas Council Election Assistance Campaign launch;

Also getting a pump today is GXChain which has surged 36 percent and NULS up almost 20 percent. At the messy end of the crypto top one hundred is HyperCash dumping 13 percent while Ravencoin gets hit 9 percent on the day.

Total market cap 24 hours.

Total crypto market capitalization has declined $5 billion since this time yesterday. It is now at $247 billion with a daily volume of $62 billion. Over the week markets are down 8.5 percent as over $20 billion has left the space. With Bitcoin poised to fall further the pain is likely to continue this week.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

The post Crypto Market Wrap: Red Monday as Altcoin Selloff Accelerates appeared first on NewsBTC.

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