A new correction is in the altcoin news today, showing that the crypto markets are declining in what is the biggest crypto dump of this year. As Bitcoin dropped to $7,300, the market lost more than $32 billion in a matter of hours.
What’s interesting is the fact that Bitcoin looked stable trading over $8,000 and correcting from its all time high at $8,260 which was also established yesterday. However, the most dominant cryptocurrency plunged to a low of $7,175 in less than an hour, recording a 10% loss which triggered a market-wide selloff.
The coming altcoin news show that the biggest crypto dump hit the altcoins harder, as usual. Right now, Bitcoin seems to have recovered a little to $7,300 but further losses are still expected, as analysts claim. In fact, most of the expert traders and analysts are eyeing the $6,400 level as the next support and new buying zone for BTC.
The largest crypto dump of 2019 so far triggered a lot of reds on the market. Starting from the biggest altcoin, Ethereum, we can see how it slid back to $240 in a 7% slide which was still not as severe as other cryptocurrencies. Over the week, ETH is still in a very strong position after passing $200 for the first time since November last year. From this, a pullback was very much expected.
What’s not so great is the situation of the top 10 altcoins. The latest cryptocurrency news show that Bitcoin SV (BSV) was among the biggest losers – getting smashed by 18% followed by TRON with its 16% dump while Monero, IOTA, NEO and Dash have all lost more than 10% on the day. The only altcoin which survived the biggest crypto dump was Tezos – adding a little today.
As for the only altcoin that is in the green during this major crypto dump, it is Chainlink (LINK). The cryptocurrency which trades at the spot has managed to add 7% on the day and reached $0.884. The mainnet launch on Ethereum appears to be the main reason that is driving momentum for LINK at the moment.
According to reports by many best cryptocurrency news sites, the markets are looking to recover back to $230 billion soon which is still 20% percent higher than this time last Friday.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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