Continued Sell-off as the Cryptocurrency Markets Slumps

Photo Credit: Metro

This isn’t the best of times for cryptocurrency investors as the crypto markets continue to experience massive sell-off that has seen the majority of the top cryptocurrencies print significant losses, as at the time of putting together this report, the majority of the top cryptocurrencies are in red.

Bitcoin, the leading cryptocurrency by market cap has seen some significant drop in price. The top crypto asset is down by almost 3.28 percent and currently exchanging hands at $3,590. Interestingly, the current sell-off been experienced in the crypto markets has seen bitcoin dominance rise to 54.7 percent, its highest level since September 20.

Altcoins too aren’t left out of the current bloodbath been experienced. As a matter of fact, Bitcoin Cash which has just recently completed a hard fork has seen the majority of the losses in the last 24 hours. As at press time, Bitcoin Cash is down by a whopping 28.18 percent and now trading at $112.55.

Ethereum which has recently relinquished its position as the second largest cryptocurrency assets to Ripple (XRP) is seeing some major losses. The crypto assets which has been trading above the $100 price mark for some time has now dropped below that level for the very first time this year. As the time of writing, the third leading cryptocurrency by market cap is down by almost 8 percent and trading at $95.

Ripple the second largest cryptocurrency by market cap is also seeing some losses on the day. Although this crypto asset has been holding up quite strongly for a while now, it has now seen a drop of almost 6 percent. At the moment, Ripple (XRP) is exchanging hands at $0.32.

With the current sell-off, the total market cap for the crypto markets has now dropped to $166 billion, its lowest level in recent times. And if the crypto markets should remain bearish, we may see a further drop in the total market cap in the coming days.