The rout has intensified during this morning’s Asian trading session and the bears are fully in control. As was witnessed this time last month a huge selloff is occurring and all crypto currencies are falling sharply, led by Bitcoin which has lost 9% in the past day. There are no altcoins in the green in the top 25 so we can only focus on ones that have not been hit that badly.
At the moment we are not sure if the bottom will be as far down as the February 6 dip. Total market capacity has fallen below $400 billion – or 17% in just two days. It currently stands at $395 billion whereas the low last month was at $280 bn, if things continue on this steep trend it will be there by the weekend.
There have been a number of factors causing the current selloff including more regulation in the US, a huge selloff by a Bitcoin whale linked to Mt Gox funds, and FUD over a Binance hack that never happened. Markets are still very immature and very reactive to these things and it will take a long time before things settle down and crypto traders have a little more confidence rather than repeatedly panic selling.
In the top ten Stellar Lumens has been the most resistant by only dropping 5% and Cardano has taken the biggest hit losing almost 16% in 24 hours. Looking out to the top 25 Lisk has been resilient and has only lost 3% while VeChain, Icon, Qtum, and Tron have all been hammered losing over 14% since this time yesterday.
Looking for an altcoin in the green is not easy this morning, there is only one though further down the list at 29th. Waves is up 4% and is the only one in the top 100 to be showing a gain this morning. CMC reports that Russian based blockchain platform Waves has recovered within 24 hours and is trading a little higher than this time yesterday. It has been relatively flat for the past seven days, discounting the spikes in either direction, and is up 16% on the three month chart.
The bears are running the show today which leaves the rest of us looking for the bottom and reversal.
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 fundamentals.