The total crypto market capitalization plunged by a huge 5.7% in the last 24 hours and fell to $378 billion, as per data from CoinGecko. The top 20 cryptocurrencies by market capitalization (excluding stablecoins) are all in the red, except for TRX.
BTC plunged 4.81%, dropping quickly from roughly $11,900 to as low as $11,180. It is now trading at around $11,300. Meanwhile, BTC dominance increased by 0.5% from a year-to-date low.
Major altcoins all recorded declines of around 10% — with Ether ( ETH) and Bitcoin Cash ( BCH) down 9.20% and 10.47%, respectively. Polkadot ( DOT) overtook Chainlink ( LINK) for fifth place in market cap rankings, due to a relatively small 5% drop overnight.
Some are claiming the crypto market selloff was triggered by news that Korea’s largest exchange, Bithumb, is being investigated for pre-selling BXA tokens.
TRON’s liquidity mining project, SUN, went live last afternoon. The total value locked in SUN has surpassed 1.5 billion TRX or $180 million in 17 hours. The huge demand resulted in a TRX price increase of 0.87% — which is notable, given the wider market decline.
This has also spurred on a spike in the prices of the other decentralized finance tokens in TRON’s ecosystem. PEARL has soared to $4,000 and Jackpool.finance (JFI) skyrocketed to $2,000.
The DeFi tokens on Ethereum, on the other hand, are diverging. YFValue ( YFV), Curve ( CRV) and ANT dropped more than 20% in the last 24 hours, but Loopring ( LRC) and UMA surged by around 10%. The price of SushiSwap ( SUSHI) fluctuated wildly, falling from $10 to $6. SUSHI is back to $7 after getting rejected near $9 this morning.
Top altcoin gainers and losers
The price of Polkadot’s ecosystem token, Kusama ( KSM), pushed the altcoin to the top of today’s list. KSM is up 21.93%. Beauty Chain ( BEC), on the other hand, lost 28.75% overnight.
BTC technical analysis
In yesterday’s Crypto Market Daily, we noted that “a pullback below $11,750 is not an optimistic sign in the short-term.” Indeed, Bitcoin accelerated a decline after trading below this level — making a bearish engulfing pattern on the daily chart.
Yesterday’s drop was accompanied by an increase in trading volume, which could lead to some short-term panic in the market. This is also not conducive to price stability. However, there is no change in the current mid-term pattern, unless price drops below the threshold of $10,670.
An intraday threshold is located at $11,200. BTC would want to hold this level in order to make another rebound to $11,500 level.
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