The crypto market had another wild trading night as investors and speculators were rattled by a sudden plunge in cryptocurrencies. The entire market shed roughly 7% on average over the past 24-hour period.
Yes, what is happening is the market tanking under soured mood with brutal institutional selloff leaving retail traders to cop huge losses, and this cannot be called anything but a crash.
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 $45,220. Second largest digital token ether is down 6.1% to US $3,260.
Technicals suggest the biggest coin will likely see more pressure in coming days due to the 50-day and 200-day moving averages being in play. A persistent pressure will likely break US $40,000.
Although such market plunges usually have underlying causes, the actual crash has always been amplified by public panic, inducing panic selling that depresses prices even further.
At the moment, from volumes traded, institutional sell-off or profit-taking is probably what to blame for the early sparks.
Why institutional investors are usually first to panic? Well, the fear that things will spiral out of control and wipe out all your savings is very powerful. It is even more powerful if you are an investor managing others’ money and your career is at stake. This is when investors, understandably, can easily slide into panic.
Another thing is seasonality as September has traditionally been the worst months for cryptocurrencies, and stocks in general due to Europe holiday times coming to end and investors returning to their desks to cash in.
As of press time, Top 10 free-floating cryptocurrencies over the day:
| Crypto | USD | 24H | Cap |
|---|---|---|---|
| Bitcoin (BTC) | $45,220 | -3.1% | $851B |
| Ethereum (ETH) | $3,260 | -6.1% | $383B |
| Ripple (XRP) | $1.07 | -7.8% | $107B |
| Cardano (ADA) | $2.42 | -4.6% | $78.4B |
| Binance Coin (BNB) | $407 | -6.2% | $68.4B |
| Solana (SOL) | $182 | -12.2% | $53.4B |
| Polkadot (DOT) | $29.2 | -8.7% | $32.4B |
| Dogecoin (DOGE) | $0.24 | -5.7% | $31.7B |
| ChainLinkToken (LINK) | $27 | -7.3% | $27B |
| FTX Token (FTT) | $74.6 | -7.7% | $24.2B |
During this period, some currencies have been much more volatile with their up and down movements.
Top 10 outperforming cryptocurrencies over the past 24 hour period:
| Crypto | USD | 24H | Cap |
|---|---|---|---|
| Numeraire (NMR) | $50.3 | 14.9% | $0.6B |
| NOW Token (NOW) | $0.05 | 12% | $0.0044B |
| CryptoSoul (SOUL) | $0.6 | 12% | $0.06B |
| Tezos (XTZ) | $6.72 | 7.8% | $5.7B |
| Ontology gas (ONG) | $0.7 | 6.9% | $0.19B |
| Ycash (YEC) | $0.37 | 6% | $0.0043B |
| Monaco (MCO) | $8.66 | 5.7% | $0.27B |
| Cosmos (ATOM) | $29.8 | 5.5% | $8B |
| Patientory (PTOY) | $0.018 | 5% | $0.0013B |
| IQeon (IQN) | $1.79 | 4.2% | $0.01B |
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 |
|---|---|---|---|
| SwarmCity (SWT) | $0.029 | -22% | $0.00025B |
| Icon (ICX) | $1.74 | -15.1% | $1.6B |
| Constellation (DAG) | $0.26 | -12.4% | $0.33B |
| Solana (SOL) | $182 | -12.2% | $53.4B |
| Ark (ARK) | $1.55 | -11.2% | $0.25B |
| Nano (NANO) | $5.37 | -10.6% | $0.7B |
| Polymath (POLY) | $0.7 | -10.5% | $0.7B |
| Ren (REN) | $0.7 | -10.5% | $0.7B |
| V-ID (VIDT) | $0.9 | -10.5% | $0.042B |
| Digitex Futures (DGTX) | $0.0027 | -10% | $0.0043B |
