Third Wave: Crypto Markets Dump Another $12 Billion to New Yearly Lows

Third Wave: Crypto Markets Dump Another $12 Billion to New Yearly Lows

November 23, 2018

FOMO Moments

More pain has come to crypto markets as we round out the week. A third wave of selling has caused markets to dump to new yearly lows as total market capitalization dropped below $140 billion a few hours ago.

Bitcoin fell to a new low for 2018 below $4,200 a couple of hours ago which has dragged the entire market down with it. Predictions that it may well drop to $3,000 are looking pretty realistic right now as the bears keep the pressure on. Ethereum, which has been on the back foot for almost a year, slid 8% to $125 and seems likely to dump below $100 in the coming weeks.

Altcoins have all been smashed again in the third round of mass exodus from crypto. Bitcoin Cash, in the wake of a lot of problems, has dumped another 15% dropping it below $200. Even after dropping over 9% on the day Stellar has regained fourth position, and Cardano, as usual, has been one of the worst performers in the top ten.

Things are looking worse in the top twenty with Binance Coin, Neo and Zcash dumping double digits. The rest are down 7-8 percent at the time of writing and have hit new lows for the year again.

The only two altcoins pumping at the moment are Aurora and Augur up 17 and 10 percent respectively. Everything else aside from a couple of stablecoins is in the red. Getting hammered at the moment is Polymath, MOAC and OmiseGO, all dropping over 15%.

Total crypto market capitalization has been smashed for the third time in ten days. Over $12 billion more has left the markets since yesterday as they fell to a new 2018 low of $136 billion a few hours ago. Over 7% has been lost in the past 24 hours and markets are currently hovering just below $140 billion, poised to drop even lower. The market has shrunk over 35% this month which has been the worst cryptocurrencies have seen for a long time.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

Source: Read Full Article