Altcoins show slight recovery after $80 billion drop in market cap

28 Jun, 2019 | Updated: 28 Jun, 2019
by Manshi Soneji Mamtora
Price Action
Altcoins show slight recovery after $80 billion drop in market cap

The cryptocurrency market has lost almost $80 billion in market cap in the latest drop. EOS was one of the worst hitted altcoins in the top 10, hitting $5.5, but now the project is slowly recovering from the slump. Other altcoins like Bitcoin Cash, Cardano, and XRP are also showing recovery today.

According to Coinmarketcap data, the total crypto market witnessed a market cap decline of more than 80 million from $385 billion (on June 27) on $303 billion (on June 28) in a span of 24 hours. However, good recovery is visible now as current market capitalization stands at $334 billion. Bitcoin dominance has risen steadily in 2019 from 51% seen during the start of the year to currently at 62%. 

This came alongside the drop in price of major altcoins like XRP, Cardano, TRON, Bitcoin Cash, and EOS. EOS was down 15% for the day but recovered after touching the lowest level of $5.56. It has broken the resistance of $6 and is now still trading around the mark. 

EOS/USD Chart provided by Tradingview

Bitcoin Cash also showed recovery as it rebounded to $432, after dropping to $383. The decline was such that it broke the support level $450, $420, and eventually $400, but consolidation is seen around $430 level.

BCH/USD Chart provided by Tradingview

XRP was also seen breaking key support levels at $0.45, $0.42 and eventually $0.40, touching the lowest mark of $ 0.39. It made a marginal recovery in its price and is currently consolidating at $0.41. Cardano (ADA) too dived 12% but made a steady recovery afterward. 

Some think this is an ideal chance for traders to hop into alts, with altcoin being cheap against BTC following the drop.

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