Cryptocurrency markets in predictable pain as the week ends; Bitcoin Cash, SV, getting killed, Stellar not far behind.
As if scripted by some kind of delirious director, crypto markets are dumping again this Friday. The same thing happened last Friday and the one before that and the end of week selloff is getting a little tedious.
Bitcoin fell to its yearly low again a few hours ago when it dumped 5% from over $3,400 to below $3,290. This marks a revisit to the 2018 low BTC made on December 8, almost a week ago. As before BTC managed to bounce off this weak support zone but it won’t be three times lucky if all the analysts are to be believed.
Ethereum is forever losing ground as it drops even further, another 3.5% on the day taking it back to around $85 – the lowest ETH price for 18 months.
Altcoins are bleeding again as we end another painful week in crypto land. Without even looking at the top ten you can probably make a good guess which one is falling the most. Bitcoin Cash yet again is getting hammered with a 9% plunge back to $85. Its rival Bitcoin SV is taking a similar beating and Stellar is not far behind with a 6% slide.
Most altcoins in the top twenty are losing 4-6 percent since yesterday at the time of writing. Only Ethereum Classic and Maker are treading water with no losses on the day so far.
As usual there are a couple of fomo pumps occurring and the lucky teams today include Dentacoin and Waves, the only two cryptos making double digits. Again, from the same script as the Friday dump, are the altcoins in pain today, namely yesterday’s fomo spikes – Bitcoin Private, DEX, WAX and Factom dumping double figures.
Total market capitalization is almost back to its lowest level for 2018. Dropping 3.7% on the day markets are just below $105 billion at the moment – not far to go to set a new record low. After reaching a weekly peak of $117 billion markets have dumped back to last weekend’s low levels and the likelihood of them dropping further is high.
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.
The post Cryptocurrency Market Update: The Friday Dump is Getting Tedious appeared first on BitcoinLinux.