Half The Crypto Market Wiped Out in Less Than a Month
Crypto markets licking wounds from a new yearly low; gains are marginal as all altcoins are still on the floor.
A few hours ago crypto markets dropped to their lowest levels since early August 2017. Market capitalization plummeted perilously towards $100 billion and hit a new 2018 low yet again. Things are bouncing off the bottom at the moment, but the outlook is grim.
Following its mid-week breakdown below $4,000, Bitcoin tumbled to a new yearly low of $3,280 a few hours ago before making a slight recovery. BTC market cap fell to below $60 billion, a 16 month low as all other cryptocurrencies were dragged into the digital abyss. At the time of writing BTC had recovered to $3,470.
Ethereum dropped to just above $80, prices not seen since April 2017, before making a recovery back over $90 again. At the moment the major cryptocurrencies are bouncing off a new bottom.
The top ten is mostly green at the time of writing but after two days of heavy losses these gains are…
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