Just when we thought that a real recovery was about to occur for cryptocurrencies, they have all dumped again today, several by double digits.
Since last Friday crypto markets have performed well regaining almost $30 billion to a three week high capitalization of $229 billion. This momentum has largely been the work of XRP which went on an epic pump over the weekend, almost doubling in price.
Today, however, the pattern has been reversed once again as markets plummet, losing all of those gains in one big rout. Almost $20 billion has been lost over the past day or so as markets tumble back towards the $200 billion level. Any lower will see them back to their 2018 low point on September 12 when total cap dropped to $186 billion. Ethereum is hurting once again with a 10% slide on the day back to yearly lows of $210.
XRP is rapidly wiping out all of that positive momentum which took it to a four month high of $0.69 on Friday. In just 24 hours its price over doubled as XRP trade volume surged from $400 million to $4 billion enabling it to surpass Ethereum, albeit briefly, and take second spot for market cap. Those monumental gains, not seen since last year, are being eroded today as XRP has plunged 19% to $0.450 at the time of writing.
EOS is also having a bad day with a dump of over 11% to $5.15 according to coinmarketcap.com. Over the weekend EOS reached $6.20 but those gains are now distant memories. Since its all-time high of almost $22 back in April EOS has crashed 76% to its current levels along with most of the other altcoins. Market cap for the fifth most popular crypto is down to $4.67 billion.
Another altcoin in pain at the moment is Stellar Lumens as XLM sheds 11% on the day to $0.235. The past week has been a good one for XLM has it has gained almost 20% from $0.196 this time last Tuesday however those gains are now going down the digital pan.
Cardano has been one of 2018’s biggest losers, getting hammered 94% since its all-time high of $1.30 back in January. Today has not been kind either as ADA dumps over 11% to $0.077. Cardano is close to slipping out of the top ten as market cap is perilously close to falling below $2 billion.
Other altcoins also in the red double digit doldrums today include Monacoin, Wanchain, Ontology, Status and Siacoin.