Bears Regain Control as Crypto Selloff Continues
Anticipation of a quantifiable recovery for crypto markets has faded as we enter the weekend. The selloff has continued and the rally appears to have been another blip in a lengthening bear market. Total market capitalization has fallen below $280 billion and looks to be heading further south.
After holding steady at $7,400 for a few days Bitcoin has fallen back by 1.7% to $7,320. Further declines could see BTC dropping below $7k again and into dangerous territory. Likewise, with Ethereum however it has remained stable over the past 24 hours with no further losses, trading at $460.
Predictably the altcoins are all in the red for the third day though today’s losses are not as heavy as yesterday. Everything is down in the top ten with Cardano taking the biggest hit of just over 9%. ADA has consistently been one of the worst performing altcoins since its January all-time high. It is currently trading at $0.161 which is about the same level as it was this time last month. Stellar has also fallen back again by another 5.5% on the day to $0.274, the rest are down by 3-4%.
Dash is getting absolutely trounced this morning with a 12.7% slide to $240. Over the month is has lost 10% as all gains from the recent rally are getting wiped out. Other altcoins in the top twenty losing heavily are Monero and Nem, both down over 6% on the day.
The only cryptocurrency in the green in the top 25 is VeChain which is posting an 8.3% gain on the day to trade at $1.80. Since the beginning of May VEN has been absolutely trounced losing 67% from $5.50 to its current levels. Today’s gain raises VeChain back to its level this time last weekend. During the mid-week rally it broke $2 but since then has lost all gains.
Total crypto market capitalization has fallen for the third day in a row. Today it is down 2.8% to $277 billion and still falling. Trade volume has also fallen again from $16 to $14 billion. Apart from VeChain the only other thing that is up at the moment is Bitcoin market dominance which has climbed 5.3% since last weekend to 45.3%
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