Crypto markets in massive correction; XRP, Stellar, Cardano, Bitcoin Cash, BSV and Tron getting smashed.
A crypto correction has been on the cards for some time and it has finally arrived this morning. Bitcoin dumped almost a thousand bucks and total market capitalization shrunk by $32 billion in a matter of hours.
After spending most of the day trading in the $8,000 range Bitcoin plunged to a low of $7,175 in less than an hour. The ten percent dump triggered a market wide selloff with altcoins getting hit harder as usual. At the time of writing BTC had recovered a little to $7,300 but further losses are expected. Analysts are eyeing the $6,400 level as support and a new buying zone.
Ethereum slid back to $240 in a 7 percent slide which was not as severe as many of the others. Over the week ETH is still in a strong position having passed $200 for the first time since November last year. Such a rapid surge is always followed by a pullback which is what we are seeing today.
The top ten is awash with red at the moment as all of the altcoins come crashing back down. Many are getting hit hard including XRP, Stellar and Cardano dumping 14 percent each. Also in bad shape are Bitcoin Cash, Litecoin, EOS and Binance Coin all dropping over 10 percent a piece.
Losses are even more severe in the top twenty where Bitcoin SV has been smashed 18 percent. Tron is also in pain with a 16 percent dump while Monero, Dash, IOTA and NEO have all lost over 10 percent on the day. Only Tezos has survived as it actually adds a little today while all around it have collapsed.
FOMO: Chainlink Alone in The Green
Only one altcoin is bucking the trend today and making a gain. Chainlink has added 7 percent on the day to reach $0.884. The mainnet launch on Ethereum on May 30 appears to be the only thing driving momentum for LINK at the moment. The only other cryptos in the green right now are stablecoins as everyone is dumping their alts.
There are too many double digit dumpers to mention but those getting hurt the most are IOST, Golem, Pundi X and Ontology.
A whopping $32 billion has been dumped out of crypto markets as they fell back to $225 billion a few hours ago. The epic 12 percent slide is one of the largest dumps of the year but it has not been entirely unexpected. At the time of writing markets had recovered back to $230 billion which is still 20 percent higher than this time last Friday.
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.
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Author: Martin Young