Following almost a week of inactivity crypto markets have started to dump again. A break through support zones for several of the major crypto assets has resulted in total market capitalization plunging back below $120 billion again for the fourth time since the end of November.
Bitcoin has failed to hold above $3,700 and dumped almost 4% to an intraday low of $3,585. It is currently clinging on to support at $3,600 but is looking bearish at the moment and further losses could be imminent.
As usual the rest of the market has followed suit with Ethereum getting hit harder than the two above it. ETH has plummeted back to $117 with a daily dump of 5.5%. The gap to second placed XRP has widened back up to almost $1 billion again as the Ripple token only lost half the amount.
An entirely red top ten compounds those Monday morning blues with Litecoin losing most of its 5% gained yesterday. Bitcoin Cash has also dumped over 5% and EOS is not far behind it during the day’s Asian trading session. Tether has flipped Stellar again to take sixth spot.
Just below $5 billion has been dumped out of crypto since the same time yesterday. The 4% slide has taken market capitalization back to $119 billion, its lowest level since last Monday. The monthly view still shows a range bound market but we are now right at the bottom of that trading range as dark clouds still loom in crypto land.