Cryptocurrency Market Cap Drops $17 Billion in Bearish Correction

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A widespread bearish correction across the cryptocurrency market led to losses worth more than $17 billion.

Almost all the top coins, including Bitcoin, Ethereum, Ripple, and EOS, contributed to the crash. While Bitcoin dropped as much as 5 percent against the USD, altcoins including EOS, Bitcoin Cash, Litecoin, Monero, Ethereum, and Ripple each experienced double-digit losses. Stellar, at the same time, looked like the winner of the least bearish altcoin among the top ten cryptocurrencies, recording losses of over 6 percent.

Bitcoin Cash, EOS the Worst Performing Altcoins Among Top Coins

At the time of this writing, both Bitcoin Cash and EOS have amplified their losses to more than 16 percent in the last 24 hours.

Bitcoin Cash surprises because the coin had just undergone a decent bull run towards $648 owing to strong fundamentals. But, at the time of this writing, the BCH/USD pair now sits around 531-fiat. In the last 24 hours, the pair has lost 16.5 percent of its value in a widespread crypto bear wash.

EOS is not too behind Bitcoin Cash in claiming the worst performing altcoin of the day award. The coin, like Bitcoin Cash, was pursuing a steady uptrend; it had established $6.68 as the new weekly high. However, EOS/USD too fell prey to the cross-crypto bearish sentiment and fell around 16.30 percent in the past 24 hours.

Bitcoin’s new silver, Ethereum, also dropped close to 15 percent in the past 24 hours. The ETH/USD pair this week flirted like a king with 300-fiat resistance. But, even in the face of overall bullish momentum in the crypto market, the pair reversed steadily to the downside, only to find itself forming a new low towards 244-fiat.

Bitcoin Diamond Leads with 244 Percent Gains; Dropil Follows

Bitcoin Diamond, one of Bitcoin’s hard forks, appears to be the only cryptocurrency that has fought the negative trend. The BCD/USD pair rose by more than 240 percent in what is believed to be a manipulated pump. Nevertheless, a huge correction followed and erased almost half of the gains. An extended bear run towards the origin of the previous rally should not surprise the speculators.

Another cryptocurrency that had some bull luck under its sleeves on a massively bearish day is Dropil. The cryptocurrency, which is backed by an independent cryptocurrency tools platform, witnessed more than 15 percent in its value gains against the USD. The DROP/USD value rose from its intraday low at 0.0034-fiat to 0.0044-fiat, the highest since September 2.

Bitcoin, in the meantime, is extending its correction after breaking the Rising Wedge support mentioned in this analysis. A potential pullback is situated near 6832-fiat but that cannot guarantee an extended bull run as of now.

Featured image from Shutterstock. Charts from CoinmarketCap.

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