Cryptocurrencies are having another shaky trading with the market is drifting towards a dangerous territory where a constellation of key risk factors may further deepen the current downward pressure due to the vulnerable support level and dwindling buy orders.
With worries over the fate of Chinese property giant Evergrande, investors fled the riskier assets in favour of fo safe-haven instruments.
The US dollar and gold are soaring while high-risk assets including cryptocurrencies and stocks are plunging in the world markets.
Although there is no direct link, the risk-off sentiment and risk aversion are in play here. Risk aversion refers to a market condition when investors dump their holdings in higher-yielding (high risk) assets and buy low-yield but safe-haven assets. This is common in times of uncertainty and high volatility, a so-called “risk-off” environment because traders want to protect their money.
The current loss of ground in the crypto market may open new lows, pushing bitcoin below the US $40,000 psychological level. Altcoins would suffer similar percentage-point declines as they have done so far.
Smaller coins, which typically rise and fall in tandem with bitcoin, are maintaining their correlation to the major currencies. Market direction is mostly influenced by the large-cap coins, although they are not the main movers themselves.
Bitcoin is trading at US $42,850. Second largest digital token ether is down 11.5% to US $2,950.
Top 10 cryptocurrencies by market capitalisation over the past 24 hour period:
| Crypto | USD | 24H | Cap |
|---|---|---|---|
| Bitcoin (BTC) | $42,850 | -9.4% | $806B |
| Ethereum (ETH) | $2,950 | -11.5% | $347B |
| Ripple (XRP) | $0.9 | -15.8% | $89.5B |
| Cardano (ADA) | $2.01 | -14% | $65B |
| Binance Coin (BNB) | $361 | -10.9% | $60.7B |
| Solana (SOL) | $147 | -7.9% | $43.6B |
| Polkadot (DOT) | $27.4 | -18.1% | $30.5B |
| Dogecoin (DOGE) | $0.2 | -14.4% | $26.5B |
| ChainLinkToken (LINK) | $23.5 | -15.7% | $23.5B |
| Uniswap (UNI) | $20.8 | -12.2% | $20.8B |
Not all currencies moved in line with the market trend over the past 24 hours, as shown bellow in the top and bottom performers.
As of press time, Top 10 cryptocurrencies that have outperformed the overall market trend:
| Crypto | USD | 24H | Cap |
|---|---|---|---|
| SwarmCity (SWT) | $0.039 | 38.8% | $0.00033B |
| Ontology gas (ONG) | $0.7 | 6.9% | $0.19B |
| Lunyr (LUN) | $0.23 | 5.7% | $0.0005B |
| AmaCoin (AMA) | $0.044 | 4.1% | $0B |
| NOW Token (NOW) | $0.05 | 3.1% | $0.0045B |
| Sentinel (SENT) | $0.03 | 2.1% | $0.06B |
| Ycash (YEC) | $0.36 | 1.3% | $0.0042B |
| Reserve (RSV) | $1 | 0.3% | $0B |
| Binance USD (BUSD) | $1 | 0% | $12.9B |
| TrueUSD (TUSD) | $1 | 0% | $1.1B |
Out of the relatively known digital coins, here are 10 worst cryptos that are doing horribly worse than the market over the day:
| Crypto | USD | 24H | Cap |
|---|---|---|---|
| Celer (CELR) | $0.08 | -22.7% | $0.8B |
| Rune (RUNE) | $7.33 | -22.6% | $1.6B |
| COTI (COTI) | $0.3 | -21.9% | $0.6B |
| Ren (REN) | $0.7 | -21.9% | $0.7B |
| Algorand (ALGO) | $1.57 | -21.2% | $8.2B |
| HBAR (HBAR) | $0.32 | -20% | $3.1B |
| Cartesi (CTSI) | $0.5 | -19.8% | $0.22B |
| Metal (MTL) | $2.96 | -19.7% | $0.2B |
| Populous (PPT) | $1.53 | -19.7% | $0.08B |
| PowerLedger (POWR) | $0.31 | -19.6% | $0.31B |
