Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Crypto Market Capitalization Loses 6 Billion USD, Altcoins Punished For Bitcoin Drop

|Includes: Bitcoin USD (BTC-USD)
Summary

Crypto markets in the red.

Altcoins are dropping heavily.

read more at CoinDNA for daily market recaps, tools, and charts.


Crypto Market Recap: 30, October 2018

We’ve been hearing that the cryptomarket has been boring lately. Until suddenly it isn’t and everybody is scrambling to predict where it’s going to end up next. After yesterday’s sudden drop the crypto streets are back to deep reds.

The market capitalization drops from $209 Billion to in the early hours of the Monday morning to $206 Billion during our market recap yesterday. Today, it leveled at $203 Billion effectively losing another $3 Billion on the day. The volume has risen up to $11.9 Billion but most probably on the other side. The Bitcoin dominance, alas, has increased again to 54.1% and it looks like the altcoins have been heavily affected by the sudden drop.

Bitcoin price is currently at $6358 losing -2.15% on the day. It has managed to stay still for so long and people are, as usual, looking for the reason for the sudden drop. People mention the crypto hack in Canada, which might be a contributing factor but the truth is that after holding in for so long, the bears have finally found the strength to pull the rug from under the bulls. However, it is still intact above $6k and it was not an unexpected move. The current level, after 24 hours paints a less sharp drop as we have previously imagined. It was not far from the recent drop in the early October when Bitcoin fell from $6600 to $6200 then regained the same price after mere days. Looking at the chart, the MACD is on the deep end of the bearish zone. Major support is now at $6240 and on the upside, we have $6391 as the next resistance.

Ethereum dead dropped to $197, following Bitcoin with a loss of -3.74% on the day. Ethereum has also been trading on the range for as long as Bitcoin and yesterday, it broke the $200 support and even $197. On the chart, MACD is in the bearish zone. The bulls might drag the price as low as $190 but on the upside, the new resistance is at $200.

The top 10 altcoins were greatly affected and earlier in the Asian markets, drops were as high as 6%. But this morning, the losses are becoming more tempered. EOS is the biggest loser with the price coming down to $5.12 and a loss of -5.03% on the day. Litecoin is bouncing a bit as the losses have come down to -4.80%. It is still below $50 though, the first time it has done so since September 2017. Bitcoin Cash has lost -4.62% on the day and trading at -4.62%. The rest of the top 10 crypto are not far behind at -2 to -4%.

None pass muster on the Top 25 crypto as all are heavily in the red. Ethereum Classic has dropped at -6.56%, VeChain is at -6.15%, and Tron is at -5.58%. Zcash, NEO, and IOTA are all above 4% loss too. The rest are bumbling at 0–3% and I can’t say if it’s going to stabilize soon.

The rest on the top 100 are as heavily affected but we see some altcoins in the green. While there’s no pump today, Waltonchain is cheerily at 5.60% and it’s one of those days when we are happy for coins with even just a little gain. Today, Chainlink, Pundi X, and Dentacoin are above 1% gain as well. On the other hand, Revain has lost -12.04% making it the biggest loser for the day. Just outside of the double-digit loss at -10%, WAX and MaidSafeCoin are also losing heavily at -8–9% on the day.

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 Tuesday!


Originally published at dna.coinve.st on October 30, 2018.

CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: I am a writer for CoinDNA. CoinDNA is the Data News and Analytics arm of Coinvest - a technology company that develops solutions to empower the world to execute financial services using blockchain technology.