Altcoins FOMO

Cryptos Hit Six Month Low as Bears Pummel the Markets

Martin Young | June 23, 2018 | 5:53 am
bear chart
Altcoins

Cryptos Hit Six Month Low as Bears Pummel the Markets

Martin Young | June 23, 2018 | 5:53 am

FOMO Moments

Markets are crashing, altcoins getting hit hardest are EOS, Iota, Ethereum Classic, and Ontology

The selling pressure has gained momentum over the past 24 hours and markets have slid to their lowest levels this year. Total market capitalization has dropped to just over $250 billion which marks the third big dip of 2018. Bitcoin has been hammered losing 7.8% on the day falling back to $6,150 marking its lowest level this year and a price range not seen since October 2017.

Ethereum has fared even worse dropping 8.7% to just over $470. This puts Ether back at a November 2017 price level although it did drop further on April 1, falling below $400 for the first time in five months. Naturally the altcoins have all been battered with many falling by double figures. Ripple’s XRP has dropped below $0.50 equaling the last low in April and matching prices back in mid-December. Bitcoin Cash has lost over 10% on the day falling back to $765, its lowest level since April 6 when it came dangerously close to $600.

EOS has been absolutely mullered today plunging over 16% in 24 hours to $8.50. The much hyped mainnet launch has been riddled with problems and controversy around the token’s centralization. EOS is down 60% from its all-time high of $21.50 on April 29. No news has emerged from the Litecoin camp resulting in a huge slide for LTC shedding over 10% to $85 today. This is the lowest Litecoin has been since its big pump in mid-November and the once hot property in crypto land has fallen from grace.

Lumens is down 9% to $0.20 which marks its lowest level since the end of March however looking at the bigger picture XLM is still looking good for those that got in around October and November last year. Likewise with Cardano which is currently down 8% to $0.14. This is the lowest point for ADA since mid-March when it fell to $0.13.

Tron has lost 7.8% despite a successful mainnet launch. TRX is now trading at $0.044 which is not as low as its dip in March which took the token down to $0.026. Rounding out the top ten is Iota which has now fallen 11% to a dollar. This IoT based altoin has not been this low since November 2017. Neo has also hit a six month low, falling 8.4% on the day to $33.75, a price range not seen since November last year.

Other altcoins taking double digit hits at the moment include Ethereum Classic down 14.2%, Nem shedding 11.2%, Qtum losing 11%, Ontology getting bashed 14.8%, Zcash down 10.3%, Lisk losing a similar amount and Zilliqa getting smashed 14.3% on the day. The only two cryptocurrencies in the green in the top 100 at the moment are Game.com (GTC) up 19.4% and Docademic (MTC) up 5.2%.

Total crypto market capitalization has plummeted 8.9% on the day to $257 billion, the third big dip of 2018. Trade volume however has risen from $11 billion to $17 billion indicating that this could be the bottom. For those that subscribe to buying the dip, now is the time to do it.

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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