Crypto Market Dumps $7.5 Billion Overnight; Altcoin Correction Hits TRX, ADA, BCH and XLM
The global crypto market dumped $7.5 billion overnight, with the majority of the bleed-out coming from the altcoin market.
Optimism had been high for some time regarding a possible altcoin divergence, however with the overnight descent of most of the recent market gainers, it appears that such hopes were a little premature.
The dip wiped out a significant chunk of the recent gains made by Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Tron (TRX) – all coins which had recorded healthy pumps in the previous month or so.
Tron (TRX) Price Correction
After a flurry of positive developments in recent months which appeared to translate to coin buys, the TRX valuation has now sunk 14.7% in the past seven days.
The coin sunk 5% in the previous 24-hour period, with most of the losses coming in a sudden flash dip which hit the entire market at around 09:00 UTC, Wednesday morning. The TRX price fell from $0.022508 down to $0.021366 – a new monthly low for the coin, but still safely above the quarterly low in the $0.017 range.
Cardano (ADA) Falls
Cardano was hit even harder on Wednesday morning, losing 6.5% in the flash dip which dropped ADA’s valuation from $0.075737 down to $0.070761.
Like Tron, Cardano’s weekly figures look even bleaker, with the coin price shipping 11.2% of its value in the past seven days. This comes after a month in which Coinbase speculation first boosted ADA’s numbers, and then kept the coin afloat during a stagnant market in early November.
Bitcoin Cash (BCH) Loses Hardfork Gains
The anticipation surrounding the nearing Bitcoin Cash hardfork pushed the coin price to +50% growth during the surge of early November. The previous seven days were less kind to BCH, as the coin sunk to +25% losses in its descent from $638.55 to $475.29.
The past 24-hours saw BCH lose 12.4% of its value, even as trade volume was sustained above the $1 billion level – more than twice that of XRP, and almost as much as Ethereum.
Like Cardano, Stellar is one of the three coins remaining in the batch of coins up for Coinbase consideration. In fact, Stellar appears to be the popular favourite to be listed next on the exchange, and the previous two weeks saw XLM gain 30% on its value as the Coinbase anticipation ramped up.
However Wednesday morning’s dip wiped 7% off the XLM valuation in just a few hours, sending the coin price from the $0.26 range back down to $0.247261. Stellar is now down 12.7% from its recent peak.
Bitcoin, meanwhile, has held its value better than the altcoins, losing just 1.25% in the previous day, and 3.8% in the previous week, and continues to trade safely within the narrow range established in Q2, 2018.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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