The crypto market is flooded in bloody red again. Although the crypto market has been flooded in a bearish trend during the first nine months of this year, for a while, it’s safe to say that it has been rather static.
Total capitalization has been somehow stuck in a channel that has been hovering around $220 billion for about three weeks now.
All this changed a few hours ago when the markets crashed again as they managed the “performance” of losing almost 7% in just a couple of hours.
Bitcoin (BTC) dropped by 5%
Bitcoin dropped by 5% on the day, and this unfortunate event triggered a cascade effect across the entire crypto market. Currently, BTC is priced at $6,296.18.
At 01.09 UTC Bitcoin started to fall, and it dropped through a previous support level of $6,550, shedding $244 in just 30 minutes.
The decline slowed there, but BTC continued downwards to reach $6,305 at the time of writing.
Bitcoin fell back to the mid-September levels, and it dragged the whole crypto market with it.
Ethereum which has been hit for the past month fell even harder by 9%, and this is really the lowest level that ETH has been since July 2017.
There has been hope that the markets had reached their bottoms and more experts have assumed that BTC bottomed a while ago, but this hope has been squashed a few hours ago.
At the moment, the cryptomarkets are not too far away from their 2018 low of $187 billion which was seen last month.
All altcoins crashed
All the altcoins crashed in unison in a pattern that has been repeated countless times this year.
Around $14 billion has been lost from the crypto space over the past few hours. It was the Asian trading time and big selloffs have been occurring in Japan and South Korea.
The reason for this latest dump still has to be revealed, but on the other hand, after such a long period of inactivity, this was somehow inevitable.