The awaited crypto dump has finally come as the Bitcoin retreats. The Crypto dump saw the market cap shrink by $14 billion in early trading. The other coins followed with dumps of their own losing 2 to 9% of their total value.
The Bitcoin and the Crypto Dump
The crypto dump is not totally unexpected as the recent growth saw the market capitalization grow to level unseen before. The Bitcoin saw a retreat after pushing toward a strong resistance at $8000. This pushed back the crypto market’s main coin over 4% lower.
The bitcoin fell 4.3% lower to the support levels at around the $7600 mark. It is currently stabilizing around this price but further downward pressure could push the Bitcoin down further to the $7400 level or even the $6800 mark. Further losses could happen if the Bitcoin breaks through these resistance points.
The bitcoin’s drop is eroding the Crypto market with the top ten seeing red all day. The total crypto market cap fell to $236 billion. This is a significant drop of $14 billion in 24 hours. The crypto cap has dropped 7% for the week but still has a growth of 25% for the month. The recent Crypto dump is not a cause of concern for now but could be worrisome if further losses come on the line.
The Top 10 Hit Hard by the Crypto Dump
Today’s crypto dump is difficult for the entire market but the top 10 was hit especially hard. The second largest crypto, the Ethereum saw a 7.5% dump of its own. It retreated back to $237. Despite analysts believing in the Ethereum, it has not seen the decoupling they predicted but it could possibly bounce back when it hits the $232 mark.
The Bitcoin SV gave back the gains from yesterday as it lost 12% of its value. Caradano and Stellar lost 10 and 9%, respectively. Bitcoin Cash, EOS and XRP lost 7%. The Binance coin held relatively strong with only a 2% loss despite the strong downward pressure.