A Crypto Apocalypse Wipes Out Over $20 Billion in 24 Hours

Almost $20 billion has been lost in 24 hours; Bitcoin Cash is dying, its Big Brother not far behind.

Yesterday’s crypto free-fall has continued unabated sending all cryptocurrencies to their lowest levels for well over a year. Total market capitalization is back to August 2017 levels making the end of year crypto surge feel like a dream as it has now been completely wiped out.

Bitcoin has hemorrhaged almost 12% in 24 hours sending it below $5,000 for the first time since October 2017. The only difference then was that bulls were in control of the markets whereas today it is the bears. Dropping to a new 2018 low of $4,843 a few hours ago according to Coinmarketcap, BTC is now trading at just above $4,900.

Ethereum is dying a slow death and another SEC charge on two ICOs has put them all in panic mode. ETH has been smashed again today falling another 13% to below $150, its lowest level since May 2017. Even before the ICO boom Ethereum was performing better so it could be the end of days for high priced ETH.

Altcoins are all suffocating like dying fish in a pool devoid of oxygen during the Asian trading session today. Bitcoin Cash has been absolutely hammered with a 40% drop in 24 hours taking it down to $230. It has not been this low since it was spawned from Bitcoin back in August last year.

BCH has fallen so hard that Stellar has taken fourth spot despite losing almost 6% on the day itself. XLM is currently trading at $0.229, but has weathered the storm much better than its brethren. Looking at the long term chart it even appears to be climbing.

Ripple’s XRP is another survivor, losing only marginally during the recent rout and remaining just below $0.50. In the past three months XRP has made around 70% when all others have crashed. Yesterday’s talk of a flippening may well become reality if the current trends continue.

Needless to say the rest of the altcoins are in a world of pain with most of them losing double figures at the moment. Only three stable coins are post green right now as they’re just above a dollar. Even the more stable altcoins such as Maker and DigixDAO are getting pummeled, both losing over 20% on the day.

Total market capitalization has plunged to a dangerously low level, dropping over $20 billion since the same time yesterday. A further 11% has been smashed out of crypto markets over the past day leaving them bleeding and on the floor around at $160 billion. Have we reached the bottom now, or does the abyss go deeper?

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.


Featured image via Shutterstock.

Source: Newsbtc


Bitcoin Cash Price Analysis: BCH/USD Tumbles, $220 Next?

Key Points

  • Bitcoin cash price declined heavily and traded below the $300 and $280 levels against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $315 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near the $250 level and it could decline further towards $220.

Bitcoin cash price is under heavy selling pressure against the US Dollar. BCH/USD could continue to move down and it may test the $220 level in the near term.

Bitcoin Cash Price Analysis

Yesterday, we discussed how there was an increase in selling pressure below $300 in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $280 and $260 support levels. It is now trading well below the $300 level and the 100 hourly simple moving average. The recent decline was such that the price even broke the $250-255 support area and formed a low at $249.

At the moment, the price is consolidating losses near $260 with bearish moves. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $379 high to $249 low. Above $280, the price could test the $300 level, which is a major resistance. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $315 on the hourly chart of the BCH/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decline from the $379 high to $249 low.

Looking at the chart, BCH price is clearly in a major downtrend below $280 and $300. There could be a minor recovery, but later the price is likely to resume decline. The next main support for buyers is near $220 followed by $200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 40 level.

Major Support Level – $250

Major Resistance Level – $300


Source: Newbtc


Crypto Markets See Flush of Green as Bitcoin Moves Closer to $5,600

Sunday, Nov. 18: after a tumultuous week, the crypto markets are today signalling recovery, with most of the top ten cryptocurrencies seeing healthy growth of within a 1 to 7 percent range, and the vast majority of the top 100 crypto assets by market cap in the green, as data from Coin360 shows.

Market visualization by Coin360

Market visualization by Coin360

After a steep decline Nov. 14, Bitcoin (BTC) is today showing signs of gentle growth, consolidating its incremental gains in recent days to push the $5,600 price point. As of press time, the leading cryptocurrency is trading at $5,595, up around 0.9 percent on the day, according to CoinMarketCap.

After an brief plummet to $5,371 Nov. 16 — $1.000 dollars lower than its value just two days earlier — Bitcoin has slowly traded sideways and upwards over recent days.

While many have attributed this week’s market tumble to the impact of the contentious Bitcoin Cash (BCH) hard fork Nov.15, some Bloomberg analysts even have gone so far as to forecast that the hard fork fallout, coupled with the “enduring [crypto] bear market,” could mean Bitcoin might tumble as low as $1,500.  

Nonetheless, a Twitter poll Nov. 15 from former U.S. Congressman Ron Paul saw the majority of respondents — 50 percent — picking Bitcoin as their preferred “store of value” if they had to invest $10,000 over the next decade in any given asset (the other options being Federal Reserve Notes, gold, or U.S. 10-year treasury bonds).

On the week, Bitcoin is a stark 12 percent in the red; monthly losses are pushing 14.5 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is up 7.3 percent on the day, trading at $0.517 to press time. On Nov.15, Ripple dislodged Ethereum (ETH) again from the latter’s stalwart spot as largest altcoin by market cap.

Today, with a burgeoning market share of $20.8 billion — as compared with Ethereum’s $18.2 billion — the newly-crowned alt is continuing its strong performance, and has now reversed any losses that were incurred during the market-wide fall Nov. 14 (Ripple was valued at $0.511 Nov. 14).

On the week, Ripple is 3.4 percent in the green, with monthly growth at 14.6 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) has seen mild growth and is up 1.3 percent on the day to trade at $175. As of Nov. 14, Ethereum’s losses have been even more drastic than Bitcoin’s, with the altcoin now down over 16 percent on its weekly chart. Having seen more volatility overall on the month, the altcoin’s losses on the month are at 15 percent; Ethereum’s intra-month high was over $221 Nov. 7, with a low of just under $173 Nov. 17.

Ethereum 1-month price chart

Ethereum 1-month price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are in the green, seeing growth of within a 1 and 5 percent range.

The notable exception is Bitcoin Cash (BCH), which is down 2.1 percent to trade at $383.2, as the aftermath of its controversial hard fork continue to bear price ramifications.

After Ripple, Stellar (XLM) is the strongest-performing top ten alt, seeing a solid 4.55 percent gain to trade at $0.25 on the day; anonymity-oriented alt Monero (XMR) is also up a strong 3.5 percent at $89.04.

The remaining coins in the top twenty by market cap unanimously green, mostly seeing growth capped within a 3 percent range. The 19th largest crypto — another privacy-focused alt, Zcash (ZEC) —  is seeing above-average growth of 6.2 percent, and is trading at $113.18 at press time.

Total market capitalization of all cryptocurrencies is around $186 billion as of press time, up from an intra-week low at around $175 billion Nov. 15, but almost 12 percent down from $211 billion at the start of its weekly chart.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap