Crypto markets suddenly went into the red on Tuesday after a couple of weeks of stability that gave a hint of the pernicious winter coming to an end. It was like staring into the abyss once more with the return of uncertainty that has gripped the ecosystem since the beginning of 2018.
In fact, over $4 billion in market capitalisation evaporated within a few hours. On Monday, the total value of the entire market was a little over $140 billion with little losses coming from the majority of the top 10 coins and some significant gains from three of them.
However, by Tuesday morning to the afternoon GMT, almost every coin was bleeding with blood oozing out of the noses of all the top 10 ranks. First market mover Bitcoin slumped more than 2% coupled with some other declines.
Only eight coins were in the green state on the whole of the top 100. Most depressing were currencies that went down in value over 10 to 20%.
Market Outlook On Wednesday
But the bloodbath didn’t last long! Come Wednesday morning, and the winning ways are back. As at 9:00 GMT+2, all the elite coins had a clean balance sheet.
The market cap has swollen to over $141 billion from Tuesday’s low of $136 billion. The whole of the first 100 registered six casualties.
EOS nailed it 11.33% to record the biggest accretion for the day. Meanwhile, Cardano continued the growth momentum and made an upward adjustment of 7.34%.
Bitcoin Cash made its hodlers happy with 4.61% while XLM swelled 4.27%. Bitcoin price fell to the $3900 range yesterday, but today it’s selling at $4049.78 with a 2.28% surge.
Moreover, Litecoin, Ethereum and XRP were up 2.93%, 2.89% and 2.33% respectively. Tether and BNB made the least profit with the former chalking 0.68% and the latter 0.42 percentage point.
Then again, Enigma deserves some credit for pumping 52.97%. It is ranked 9th on CoinMarketCap.
Was Tuesday just a scare or it’s too early to conclude? Only time will tell since wonders are not in short supply on Cryptoland.
QBIT Times will continue updating you about the market trends. Enjoy your gains on the market.