Crypto markets dump $10 billion as altcoins correct

Crypto markets dump US$10 billion as altcoins correct

Digital currency markets have retreated back below US$200 billion [AU$317 billion] in total capitalization as the major assets start correcting again.

Around $10 billion has been dumped out of cryptocurrency asset markets over the past 24 hours as they start to retrace from a two-week high.

Total market cap 24 hours - Coinmarketcap.com

The move has reinforced the state of the market at the moment, which is bearish and range-bound.

The collapse of oil prices may have triggered this move, but markets are still generally sideways for crypto.

Bitcoin could not break resistance above $7,000 and has fallen back below it as a result. An intraday low of $6,770 was hit a few hours ago, according to TradingView.

At the moment, BTC had started to consolidate again at support, which is around $6,800, and it has been bouncing around this price zone for about a month now.

Analysts are again leaning bearish, with the majority of them predicting further losses despite the halving being just three weeks away now.

Ethereum has lost over 6% on the day, as it slides back towards $170, while Ripple’s XRP token is still painfully week, dropping back towards $0.18 again.

There have been larger losses for BCH, BSV, and Tezos as crypto markets are red across the board today.

Featured image courtesy of Janko Ferlic/Pexels

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