Any Given Friday, Fresh Selloff Brings The Crypto Markets To Its Knees
Crypto Market Recap: 07, December 2018
This Friday, the crypto markets crashed to its lowest level yet this 2018. It happened after a long downtrend this week, and then a sudden drop this morning in the Asian trading session. The crypto streets are knee deep in red and the market is pushed in a panic as the market capitalization plunged below $110 Billion. Almost all of the major coins by market cap dumping double-digit losses. According to reports, the US SEC decision to postpone the decision on approving an ETF to 2019 sparked the fresh sell-off.
The market capitalization is currently at $107.3 Billion, losing almost $15 Billion on the day, and pushing the market to July 2017 level. The trading volume has suddenly ballooned again and is now at $17.9 Billion. The BTC dominance is back up to 55.3%.
Bitcoins slow selloff during the week has finally given in and dropped to $3376 at the time of this writing. It is not a totally unanticipated incident but is still hard to process for most regular traders, supporters, and followers of the dominant coin. The dive took off with -11.26% loss on the day bringing its capitalization down to $59.3 Billion.
Ethereum is fighting for its life again as it reaches $84.41 and losing -16.21%. This is its lowest level since April of last year. Support is hovering around $81 but this looks shaky at the moment and buyers may only appear around $75.
The top 10 has a major battle happening between Bitcoin SV and Bitcoin Cash as Bitcoin SV flipped and pushes Bitcoin Cash to the 7th position. Bitcoin SV has gained 20.42% on the day, bringing its price to $108.96. On the other hand, Bitcoin Cash has been hemorrhaging throughout the week and lost another -14.90% today bringing the price to a shocking $103.05 -a 90% loss from its all-time high. The rest are suffering double-digit losses and there is only more pain from here. EOS, also fighting a battle of its own apart from the current worldwide crypto malaise, has lost a debilitating -23.05% on the day. Stellar follows with a -19.19% loss, trading at $0.110 at the time of this writing.
Down the Top 25, Dogecoin has shown the strongest resilience, losing only 2% on the day. The rest are more stories of huge double-digit losses. Dash is the biggest loser with -21.50% taking its price to $61.48. Zcash and Bitcoin Gold are not far behind with 17–19% losses between them. The rest are mostly double-digit losses in different levels with only the stable coin TrueUSD showing green.
Factom, which has been the Golden Coin for several days now, has dumped with a -27.08% loss. Among the other losers above 20% are Polymath, Metaverse ETP, Stratis, Mithril, Aeternity, Bitcoin Diamond, and IOST. Apart from Bitcoin SV, there is no other pump on the Top 100 today.
Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Friday!
Originally published at dna.coinve.st on December 7, 2018.
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