Crypto markets crumbling at Christmas; Bitcoin Cash, SV and Ethereum losing all recent gains.
The Santa rally came to an abrupt end a few hours ago when crypto markets started dumping with vigor. Total market capitalization has slumped back below $130 billion as $16 billion gets pulled out of cryptocurrencies on Christmas day.
Bitcoin fell through its $4,000 support level at around midnight UTC and plunged to $3,870 over the next hour. With an intraday high of $4,270 the slide is a 10% loss for BTC as the week-long rally comes to an end. At the time of writing Bitcoin had fallen back to $3,800 which is another support zone.
After making huge progress which has seen it rise around 70% in a week Ethereum is dumping once again. Following its big brother back down 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 themwidens again.
Altcoins are all in the red during Asian trading this Christmas morning, most by double figures. Getting absolutely smashed again is Bitcoin Cash with a 25% loss on the day dropping it back to below $160. Bitcoin SV was also getting hammered with a 17% plunge as Tether climbs back up the market cap chart.
All cryptocurrencies in the top twenty were also dropping double digits at the time of writing. Taking the biggest hits were Cardano, Neo and Binance Coin wiping out a lot of their recent progress.
The only two altcoins in the green at the time of writing were Populous and MCO, still climbing while those around them plummet. OmiseGO and Ontology are both up there with over 20% losses and Holo, Bytom and Qtum were not far behind.
The 11% purge has pulled total crypto market capitalization back down to $128 billion. Over $16 billion has been dumped in the past 24 hours wiping out all gains since Saturday. On the week however 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 selling crypto at the moment.