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.
Zerohedge 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. Following recent 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 weekend 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.