Today is a bloody red day. Almost all the cryptocurrencies are following a red trend, occupying a negative territory.
Bitcoin and Ethereum are not left out. According to CoinMarketCap, 87 out of the top 100 cryptocurrencies are in a downward trend. This has led to a slump of about $10 billion in the total market cap of the cryptocurrency market. At the time of writing, the total market capitalization of all cryptocurrencies is down to $420 billion from over $430 billion.
Out of the top 10 cryptocurrencies on CoinMarketCap, only MIOTA (IOTA) is green, which is struggling at almost one percent over the last 24 hours. MIOTA is in the 9th position on the CoinmarketCap and trades at $2.31 at press time.
In the 23rd and 27th positions are Zilliqa (Zil) and Aeternity (AE) respectively. The two cryptocurrencies are showing positive signs with Zilliqa facing a 12.5% growth, trading at $0.16 while Aeternity is up at 2.2%, selling at $4.4 at the time of writing.
Bitcoin (BTC), the king of the cryptocurrency market, which failed to hit $10k over the last week is at $9,086 facing over 3 percent losses in the past 24 hours.
Are the critics helping?
Lately, Bitcoin has received a lot of negativity from the likes of Berkshire Hathaway’s CEO Warren Buffett, Microsoft co-founder Bills Gates and others. These successful and prominent investors called the cryptocurrency many harsh names such as a poor investment, gambling, etc.
Ethereum, the queen of the cryptocurrency market, wasn’t spared, facing over 4% defeat. ETH soared above $800 over the past week, but trading at $725.40 at the time of press.
Bitcoin Cash (BCH), one of the many Bitcoin Hard Forks launched in August 2017, succumbed to over 8 percent decay and traded at $1,513 at the time of writing.
The blood on the street could be a great time for investors to pick up some coin but a bad time short-term investors who may have wanted quick gains.
This downward trend may be one of many we would continue to see. And when both the king and queen fall, the other cryptocurrencies will all fall along.