Crypto Market Wrap: $16 Billion Selloff Begins, Where Will it End?

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Crypto markets pulling back sharply; Litecoin, EOS, Bitcoin Cash and SV getting smashed, gets fomo.

As expected crypto markets are finally dumping as we end the week. Over $16 billion has been lost as markets fall from their 2019 high back to $170 billion or so. Bitcoin initiated the dump but so far has remained above key support levels. It is the altcoins that are bleeding today.

Bitcoin fell below $5,000 for the first time in a week and settled at $4,950 before recovering slightly. The failure to break resistance at $5,400 has sent BTC back down as it drops around 4% on the day. Many had predicted this pullback and foretell further losses back to major support at $4,600 where the 200 day moving average is.

Ethereum has fallen harder as expected with a drop of 5% back below $165 again. There was no push to $200 for ETH which is still rising and falling along with its big brother. The gap between it and XRP in third is now much larger though at almost $4 billion market cap.

The top ten is a sea of red during today’s Asian trading session. The altcoins are getting hammered, some by double digits. Litecoin is losing 9% today as it falls back to $77, EOS and Bitcoin Cash are not doing a great deal better with 24 hours loses of 6 – 7 percent. Stellar and Cardano have both dumped 5% as Tether moves back up the chart.

The top twenty is awash with equal pain as Bitcoin SV, Ontology and Maker dump ten percent a piece. Close behind is Tron, NEO and Ethereum Classic with losses of over 6% on the day.

FOMO: Crushing It

Despite the massive market correction’s Chain is flying today with a 25% fomo pump to $0.093 (1860 satoshis). There does not appear to be much driving the fomo, the only recent news is that the company donated $500k to Binance charity. South Korean markets are dominating trade in CRO with Upbit taking 40% of the total volume.

TrueChain is also getting fomo today with a 20% pump and Lambda is the third altcoin in double digits at 17%. KuCoin Shares are still getting dumped with a further 11% lost today. ABBC Coin and Revain, the usual suspects, are also dumping 10% each following recent pumps.

, Crypto Market Wrap: $16 Billion Selloff Begins, Where Will it End?, Criptomonedas e ICOs

Total market capitalization 24 hours.

Total crypto market capitalization has lost 5.5% in 24 hours falling from around $180 to just below $170 billion. Markets reached a new 2019 high on Thursday with a brief surge to $186 billion but since then $16 billion has been wiped out. This could be a short term pullback or the beginning of a final capitulation that so many analysts have been talking about.

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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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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