Alt Coins Are Submerged in a Bloodbath

July 23, 2018

 

Anyone unacquainted with the cryptocurrency market might assume, casually reading the price of bitcoin in their morning paper, that the past seven days have been good for investors. BTC is up 18% in a week and is now hovering around the $7,400 mark. By any reckoning, that’s good going. But bitcoin’s recent show of strength belies turmoil within the crypto markets. Many altcoins aren’t just down in BTC terms: they’re dying a slow death by 1,000 red wicks. It’s been a mixed week for cryptocurrency investors. While BTC has been on fire, altcoins have been withering and dying, with lower lows, lower trade volume, and little by way of hope for their increasingly desperate bagholders. Telegram trading groups have been filled with pink wojaks and rekt memes as traditional support levels have fallen and price floors have been shattered. The weekly charts, in which gains and losses can be easily distorted by singular events, do not prevent a true picture of the state of altcoins right now. Zooming out to a monthly view provides a clearer picture. In addition to BTC, stellar and cardano – two assets shortlisted for inclusion on Coinbase – are in the green. Virtually every other asset has been subjected to deep, double-digit cuts. Bitcoin is up 3.17% over the past 24 hours and is currently trading at $7,683.43. It can be bought with fiat dollars, debit, or credit cards at cryptocurrency exchanges Coinbase and Changelly.

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