After a notable sell off a couple of days ago in response to the SEC delaying an ETF decision, it appeared the crypto market has stabilized a little bit. While still part of a bearish trend, the consolidation of the last 2 days was an optimistic sign that the support there would hold. However, in the last hour, the bears have come back in with a dramatic downturn in the market.
Market Cap and Bitcoin Dominance
The last day or so has seen stability between $220 and $230 billion USD for the crypto market cap but now is currently at $215,146,470,794 USD at the time of this writing. Bitcoin dominance remains strong at 49.2%.
Save for one, all top 10 coins are seeing red today. Losses range from -11.78% (IOTA) to as little -4.76% (BTC). Tether, due to its intrinsic nature of being linked to the US Dollar, has only dropped -0.02%. Stellar was doing relatively well, but in the last hour its change has dropped to only +0.59%.
The market is very volatile at this time, and twitter is rampant with people warning that it is a dangerous time for new investors.
Alerts keep going off. BTC just fell $200 in less than 3 minutes. I heed massive warning. Stay out if you're new. Stay out if you're greedy. Stay out if you think you can catch a falling knife. This market is extremely volatile and is designed to take out newer players. pic.twitter.com/NF0K6rXh8U— Philakone (@PhilakoneCrypto) August 10, 2018
With so much volatility, it is likely the prices will change dramatically in the coming hours. Stay tuned to Chepicap for up to the minute updates!