Market-Wide Losses Intensify in Second Day of Major Crypto Price Plummet
Crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, and Bitcoin below $6,500.
Thursday, September 6: crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, as Coin360 data shows.
Market visualization from Coin360
Bitcoin (BTC) is trading at around $6,492 at press time, down almost 6.32 percent on the day, according to Cointelegraph’s Bitcoin Price Index.
Having broken through the $7,000 threshold August 31, Bitcoin saw a solid uptrend until its sudden plummet yesterday, September 5. The top coin is now around 8 percent down on its weekly chart. On the month, however, Bitcoin remains up by around the same figure of 8 percent.
Bitcoin’s 7-day price chart. Source: Cointelegraph's Bitcoin Price Index
Ethereum (ETH) is trading around $225 at press time, losing 8 percent on the day. Following upon an intra-week high to scrape $300 September 1, Ethereum traded sideways around $290 until yesterday’s sudden descent.
On its weekly chart, Ethereum is down a hefty 21.8 percent, with monthly losses burgeoning to 44.8 percent.
Ethereum’s 7-day price chart. Source: Cointelegraph's Ethereum Price Index
Ripple (XRP) is a significant outlier, surviving the day’s dump relatively unscathed, up 2.15 percent on the day to trade around $0.30. Having plummeted in correlation with other major cryptos, the asset has seen a strong bounce upwards in the hours before press time.
Ripples 7-day price chart from CoinMarketCap
Among the top twenty coins, most losses are at five percent or higher, with IOTA (MIOTA), down 6.41 percent on the day to press time. VeChain (VET) has also lost almost 8 percent on the day to trade at $0.015.
Many other smaller market cap alts are seeing double digit losses, showing strong correlation with larger crypto assets.
In an interview with Cointelegraph this week, Brian Kelly, founder and CEO of digital currency investment firm BKCM LLC, who is also a regular contributor to CNBC as a crypto analyst, said he considers that in today’s Initial Coin Offering (ICO) market, “the days of a whitepaper and a dream and $30 million are probably over."
Crypto industry commentator Joseph Young has today given his perspective on Twitter, tempering the grim market picture with the suggestion that:
“Previous corrections 2014, 2016 were much more brutal than the 2018 crypto correction. On average two-year corrections were suffered, with no positive development for investors to track. In 2018: 1. crypto jobs up 50% in Asia 2. Bakkt 3. Better crypto custody for institutions.”
Total market capitalization of all cryptocurrencies is just under $205 billion at press time, down over $35 billion from its intraweek high of just under $240 billion.
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
Eschewing news-correlated market analyses, eToro’s Mati Greenspan today tweeted a four-word bottom line to one disgruntled crypto community member’s question, “what was the reason behind the dip today?”:
“More sellers than buyers.”