Altcoins FOMO

Another Day Another Dump, $10 Billion Shaved off Crypto Markets Again

Martin Young | June 22, 2018 | 5:18 am
bearish chart
Altcoins

Another Day Another Dump, $10 Billion Shaved off Crypto Markets Again

Martin Young | June 22, 2018 | 5:18 am

FOMO Moments

Markets are falling, altcoins getting hit hardest are Ontology, Bytecoin and 0x.

Just when signs of a recovery were looking positive crypto markets have dumped again dropping another $10 billion in a matter of hours. Buying pressure could not be sustained and the bears once again dominate crypto land. Total market cap did not reach $300 billion and has fallen back as a sea of red envelops the charts.

Bitcoin never got close to $7k and has shed 1.8% over the past day declining to an ominous $6,666 at the time of writing. Ethereum, after a couple of days of good gains, has fallen harder with 4.4% losses on the day back to around $515. Predictably altcoins have suffered worse with almost the entire top 50 losing ground. Only BAT down in 45th place is actually showing gains this morning.

According to Coinmarketcap Basic Attention Token is up over 6.6% on the day trading at around $0.29. The gains are small but significant as all other altcoins are dropping once again. Over the past week BAT has made an impressive 40% gain from around $0.21 this time last Friday. The monthly picture is not so pretty as the token has lost 12.5% from $0.34 this time last month. Against Bitcoin BAT is up 8.6% on the day to 4440 satoshis and 36% on the week from 3275 satoshis this time last week.

BAT is an Ethereum based digital advertising platform that aims to solve the problem of the intrusive advertising plague smothering the internet from search and social media monopolies. It has recently launched a reward based ad platform with open-source privacy-focused web browser Brave.

Binance currently dominates BAT trade with around 60% of the total volume. Daily trade has almost doubled from $4.5 million to just over $8 million and the market cap for BAT is just under $300 million. Total market capitalization has dropped 3% on the day falling back to $282 billion and into the danger zone once again. If bearish pressure continues over the weekend markets could fall to a new yearly low.

All other altcoins are losing today; those taking the biggest hits include Ontology down 7%, Bytecoin losing 8.5%, and 0x dropping 7%. Way down the charts at 71st spot is venture studio Centrality which is pumping 73% at the moment.

More on BAT can be found here: https://basicattentiontoken.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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