Today may well go down in crypto lore as ‘Red Friday’. The third dip has come and it has been lower than before, the lowest point so far this year as total market cap dropped below $253 billion. The selloff continued this morning in Asia as Bitcoin plummeted to a low of $6,800. Many altcoins have also dropped back down to third quarter 2017 price levels. Every single one of them is in the red today and none look like showing any gains in the short term.
As predicted in an op ed on NewsBTC a few days ago, if the last low of $275 billion on March 18 is broken then it will go lower. Total market cap has fallen back to late November levels but the difference this time is that the sentiment is still bearish whereas in late 2017 crypto markets were extremely bullish.
The FUD and bad news has kept rolling this week with more exchange closures in Japan, more social media ad censorship, and more regulation and taxation. That is without taking into consideration the effect that Bitcoin futures have had on the market as the whales can now short it and further manipulate the markets. 2018 has not been a good year for cryptocurrencies and we are left wondering if it will fall further.
The biggest losers in the top 25 on the day according to Livecoinwatch.com are Ethereum, Stellar Lumens, Monero, Nem, VeChain, Icon, Lisk, Bitcoin Gold and Nano – all sliding by over 14%. A couple of altcoins have been a little more resilient over the past 24 hours and they include EOS, Dash, and Ethereum Classic. By resilient we mean a fall of single figure percentages. Only one crypto currency has made gains over the past 7 days and that is Tron.
On Red Friday all markets are showing a loss of 13.7% in 24 hours, which equates to over $40 billion dollars being taken out of cryptocurrencies. Over the month of March things look even worse with a loss of over 44% and over $200 billion from the overall markets. The big question remains, are we at the bottom yet?