Unfortunately for traders, the crypto market just had a weekend to forget after the crypto meltdown intensified.
Although the market has bounced back from its weekend low, at the time of writing its value is 15% lower than where it stood at this time on Friday at US$123.9 billion according to Coin Market Cap.
At one stage the selling had been so severe that the value of the entire market had drifted as low as US$114.5 billion.
What’s been happening?
Weakening trader sentiment, the fear of not getting out (FONGO), and bearish technical analysis signals have been blamed on these latest declines.
The bad news is that although the market has rebounded from its lows, most experts believe that things will get worse before they potentially get better.
As I mentioned here on Saturday, Michael Moro from Genesis Trading & Genesis Capital Trading told CNBC that he doesn’t believe Bitcoin will bottom until it hits the US$3,000 mark.
That might be a good result for traders because other experts have suggested that Bitcoin is on its way down to US$2,500 and even US$1,500 in the near future.
What happens next is anybody’s guess, but for now, here is the state of play on the crypto market compared to 24 hours ago:
The Bitcoin (BTC) price is down 8.1% to US$3,869.25 per coin. This has reduced the crypto giant’s market capitalisation to US$67.3 billion. Bitcoin had traded as low as US$3,585 per coin at one stage on Sunday.
The Ripple (XRP) price has dropped 11.6% to 34.99 U.S. cents. This leaves the coin with a market capitalisation of US$14.1 billion.
The Ethereum (ETH) price has tumbled 7.6% to US$113.50. This has left Ethereum with a market capitalisation of US$11.5 billion.
The Bitcoin Cash (BCH) price has fallen 9.9% to US$180.00. The Bitcoin offshoot’s market capitalisation has now dropped to US$3.1 billion.
The EOS (EOS) price has fallen 7% to $3.26. This decline has reduced the alt coin’s market capitalisation to US$2.95 billion.
Outside the top five the declines were just as severe. The Stellar (XLM) price is down 16.2%, Tether (USDT) is off 0.9%, Litecoin (LTC) is down 6.5%, Cardano (ADA) has plunged 12.8%, and Monero (XMR) has crashed 13.5% lower.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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