The festive season did not come with the best of news for crypto faithful, as some hours ago crypto prices started falling. The total market capitalization has deteriorated below $130 billion as $16 billion gets pulled out of crypto market on Christmas day.
Major Currencies Experience Hit
Bitcoin fell through its $4,000 support level around midnight UTC and dived to $3,870 in the next hour. The currency has a daily high of $4,270. But, the fall is a 10% loss for BTC as the week’s rush comes to an end. At the time of writing, Bitcoin had fallen back to $3,800 which is another support zone.
After making commendable progress which has seen it rise to around 70% in a week, Ethereum is falling once again. Moving with its fellow leaders, ETH has lost 13% on the day and was heading south of $130 at the time of writing.
XRP above it had only lost 9% on the day as the gap between them continues to widen. Altcoins were all in the red during Asian trading in the morning. Majority of them by double figures.
Bitcoin Cash felt the full weight on the day, with a 25% loss on the day. It later dropped back to below $160. Bitcoin SV was also brutalized with a 17% plunge. Although, Tether climbs back up the market cap chart.
Only Populous And MCO In Green
Every cryptocurrencies in the top twenty were also dropping double digits at the time of writing. Cryptocurrencies with the biggest hits were Cardano, and Binance Coin, as the fall wiped out a lot of their recent progress.
There were only two altcoins in the green which were Populous and MCO. They are still growing while those around them struggle. OmiseGO and Ontology are both up there with over 20% losses while, Holo, Bytom, and Qtum were not far behind.
The 11% purge has degraded the total crypto market capitalization back down to $128 billion. Also, over $16 billion has been dumped in the past 24 hours. This has wiped out all gains since Saturday.
For this week, markets are still up but that will not be the case if this continues. The bears should be taking a day off and enjoying Christmas, but it appears they’re too busy working in the crypto market at the moment.