Fears of a wider market correction have accelerated today as
traders dump altcoins en masse following another minor pullback by Bitcoin.
Cryptocurrency markets are sliding during Asian trading
today as altcoins bear the brunt of another Bitcoin bounce off resistance. BTC
finally topped $9,000 a few hours ago but instantly retreated following a huge
fake out. In what appeared to be a massive trading bot triggered event, prices plunged
over $1,000 in a matter of hours as BTC finally settled at just over $8,000.
reported that fundamentals are still strong and institutional investment has
yet to gather momentum so this movement could be considered a minor blip. These
patterns are not unusual and have happened countless times in the volatile
world of crypto markets.
Altcoins Bleeding Again
As usual, a cascade effected rippled through altcoin markets
as they dumped even harder. Bitcoin seems to have recovered a little and is
only down 6 percent on the day according to Coinmarketcap.com. The
same cannot be said for the rest of them as the avalanche gathers momentum.
Ethereum has dumped 11 percent back to the $250 level.
gains ETH was also due a correction and this still proves how hopelessly
tied to Bitcoin it still is. If this is the beginning of an expected 30 percent
pullback, Ethereum will be back below $200 in no time.
XRP has fared no better dumping 9 percent back to $0.416
while Bitcoin Cash has been trounced 10 percent to $420. Even EOS did not escape
the purge and a Coinbase listing could not keep the token above the red tide.
Dropping a similar 9 percent, EOS is back to $7.30 today but hopes are that the
B1 event and much hyped announcements can keep momentum going.
Following its scam induced pump yesterday, Bitcoin SV has slumped a whopping 20 percent falling back to $180. There is no escape and several are in double digit pain including Cardano, Tron, IOTA, and Tezos. The only altcoin surviving the bloodbath is Cosmos which is actually up 5 percent on the day.
The Friday correction has seen $28 billion exit the space as
total market capitalization dumped from a new ten month high of $286 billion
down to $258 billion where it currently sits. Daily volume has surged over $100
billion but it is all flowing outwards at the moment. Things are likely to
settle soon but further losses could be on the cards if the 30 percent
correction theory is accurate.