Crypto markets have been smashed; all currencies are in a world of pain.
A massive dump has shaved almost $25 billion dollars, or over 11%, off cryptocurrency markets in one day alone. This represents one of the largest crashes of the year and maintains the notion that Bitcoin and its brethren will fall time and time again before things ever pick up.
Bitcoin has fallen to its lowest level this year as over $700 was dumped in one big swoop around 12 hours ago. Smashing through $6,000 it fell to a yearly low of $5,545 before recovering to $5,650 dispelling all predictions that $6k was the bottom. Ethereum has also been smashed, dropping 13% to $178 and losing second place to XRP.
The top ten is in a world of pain with almost every altcoin losing double figures compared to yesterday. Bitcoin Cash has been the biggest loser with a dump of over 18% taking it to $427. All of the rest are down between 11 and 13 percent, with the exception of XRP which has “only” lost 9.5% to $0.46, gifting it Ethereum’s second place by market cap.
Equally massive losses have rocked the top twenty with Iota, Ethereum Classic and Zcash taking the biggest hits with over 15% dives. There have been no survivors and all cryptocurrencies in this group have lost double digits on the day.
There is only one obscure altcoin pumping on fomo right now and that is Nasdacoin which has surged 300% in the past 24 hours. There is nothing on its website to set NSD apart from any other altcoin but according to Coinmarketcap it has gone to the moon today. Only the stablecoins are in the green at the moment, some even making it over their dollar pegs. Smaller cap altcoins such as IOST, Stratis, HyperCash and Ravencoin have suffered the biggest losses, which is over 20%.
Total market capitalization has been smashed, dropping 11.5% in a single day down to a new yearly low of $181 billion and a record $28 billion loss. Markets have since pulled back to $185 billion which matches the last 2018 dip on September 12. As it stands cryptocurrency markets have lost 78% since January.