Crypto Market Sell-Off is Real and Getting Traction

Image by MichaelWuensch from Pixabay

Since Sunday, The Bitcoin and other coins have been experiencing a Crypto market sell off that has substantially put downward pressure on the entire market. All of the top coins have seen losses that range from one to eight percent in that period and it could be seen in the shrinking market capitalization.

Bitcoin Falls Below $7700 in Crypto Market Sell-Off

The Bitcoin felt a massive sell-off in the last few days as the main crypto coin fell to a low of $7511 last Sunday. The coin has recovered to bounce back up closer to $7700. There is a growing bearish sentiment that will keep the Bitcoin trading with the $7500 and $7550 mark.

Crypto Market Sell-off Hits Capitalization

The market capitalization of the Crypto market saw itself lower. Sunday’s crypto market sell off has seen the market capitalization shrink by approximately $6 billion as it moved from $249 on Sunday and moved lower to $243 billion in today’s trading.
The growing volatility of the capitalization did not affect trading volume, though. The market saw an average trading volume of $59 billion and it could see more growth.

Crypto Market Sell-off Affects Even Altcoins

For the day, the biggest loser was Tron with a loss of 8%. The Tron is the twelfth largest coin with a market capitalization of $1.9 billion. Other coins that have been affected by the Crypto market sell off include the IOTA and the XLM of Stellar which lost 5%. More losses could be on its way if the market sell off gains more traction.
Among the top three, the Ethereum was hit with losses in today’s trading. It saw a loss of 3.6% in the last 24 hours. It initially dropped below the $230 mark before recovering to the $234 mark. The Ripples XRP also lost some ground as it struggled to stay above $0.40. It lost 6% since Sunday after the weekend’s sharp sell off. It is currently trading around the $0.3820 level.

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