The total market capitalisation of all cryptos has fallen another $24 billion dollars over the last twenty-four hours. It is the second significant fall in the crypto markets in four days and, once again, the reasons behind the latest fall are unclear.
At the time of writing, Bitcoin has fallen 7.2% to $5200 with total market cap falling below the symbolic figure of $100 billion USD for the first time in over a year. Meanwhile, Ethereum (11.9%) and Ripple (6.6%) have registered their own significant losses.
BTC Amongst Smallest Losers
However, with blame for the latest crypto market crash once again being laid by a number of analysts at the door of the so-called BCH fork wars, Bitcoin itself has registered relatively minor losses in comparison to the vast majority of other coins in the list of top 100 crypto-currency coins.
ICON, Tezos, Wanchain, Ox and SIRIN LABS Token have all registered losses of around 20%, far in excess of the losses that could be attributed solely to Bitcoin dominance of trading pairs across the leading crypto-currency exchanges.
The volume of trading activity around a number of Stablecoins has tripled over the last twenty-four hours, according to one source, as traders flock their holdings into safer territory, lending weight to theories of a general sell-off.
“The next logical level of support is at $5,000 but if that doesn’t hold, the next support level isn’t until $3,500. Some analysts are even calling for $1,500,“ states Mati Greenspan, senior analyst at eToro, commenting on the latest developments.