Cryptocurrency Market Cap Loses $6 Billion As Major Altcoins Paint Red: Tuesday Market Watch

The cryptocurrency market doesn’t appear to be in the best of shape. Most cryptocurrencies are losing large chunks of value in the last 24 hours, and the total market capitalization has dropped with $6 billion in a few days to the current level of $187 B.

The second-largest cryptocurrency, Ethereum, is among the worst-performing altcoins. ETH lost over 7% during the last day, and it’s currently trading at $132. Its latest hard fork, called Istanbul, was released a week ago, but it doesn’t seem to have a positive effect on the price as of yet.

Ripple’s price has been struggling for months, and now it went as low as $0,19 on Bitfinex, before bouncing back to the current level of $0,196. It broke below the strong support level at $0,215 earlier this week, and if it closes below $0,20, the next one will be at $0,185. Last time XRP was under $0,20 was back in 2017 before it skyrocketed to its all-time high of $3,80.

The situation with other major altcoins is not any different. Litecoin is below $40, EOS has lost almost 8%, and it’s at $2,34, and Binance Coin has decreased to $13,08, which is a 10% decline since yesterday. Somewhat unsurprisingly, only one digital asset is green in the top 10, and that’s Tezos. XTZ continues its positive trend as of late surging with 4.5% against BTC and 2% against the dollar.

CryptoMarket. Source: Coin360

As far Bitcoin goes, it’s down with 2.7% to $6,870 on Bitstamp but also tested the $6,800 support level, which managed to keep its stance. If it keeps going down, $6,500 is the next level, and if it reverses, the first resistance is $7,000. With so much blood in the altcoin market, BTC’s dominance is actually increasing, and it has reached 67.2%, after being at 66.4% three days ago.

Total Market Capitalization: $187 B | Bitcoin Market Capitalization: $125 B | Bitcoin Dominance: 67.2%

Major Crypto Headlines

The Next Crypto Trend for Exchanges? Coinbase Is Now The Largest Tezos Validator. Tezos is quickly rising as a favorite within the community, and the largest U.S.-based crypto exchange, Coinbase, has become the largest validator for XTZ. People began wondering if this could be the newest trend and if users will be able to choose a specific baker.

Ready To Explode: Bitcoin Longs Surge 12% To A New ATH, Squeeze Might Crash Bitcoin Price. The number of BTC long positions placed on Bitfinex has reached its all-time high, and it could be related to the following drop. Generally, too many open longs mean that the price of the asset is set to decrease.

Bitmain’s Miner Manufacturing Subsidiary Had $680K In Assets Frozen In a Contract Dispute. One of the largest mining companies, Bitmain, had assets worth $676,000 frozen as ordered by a district court in Shenzhen, China. The decision came after another company, Dongguan Yongjiang Electronics, filed an application for asset protection to dispute a contract with the defendant.

Significant Daily Gainers and Losers

Waves (26%)

WAVES rises above all other cryptocurrencies in the top 100 with its increase with 26% against the dollar, and it’s currently trading at $0.89. Moreover, it skyrockets with almost 30% against Bitcoin to 12840 SAT. The company recently published an updated explaining how Waves staking works, and it also conducted a Twitter giveaway.

Fetch.ai (12.9%)

FET is next on the list, with almost 13% gain against USD. The rise to $0.05 also means that the market cap has reached $34,5 M, and with so many altcoins losing value, FET has broken into the top 100. It surges with 16% against Bitcoin to 765 SAT. The company is set to launch its mainnet today and apparently has attracted severe attention to itself.

Aurora (-27.40%)

While red is the predominant color, AOA has taken the lead with its loss of over 27% in the last 24 hours. The current price is $0,0048, and the market cap has plunged to $31,7 M, which actually threatens Aurora’s place in the top 100. Oddly enough, the drop comes a day after the popular crypto exchange, Bithumb, announced a 40,000,000 AOA airdrop event to take place this week.