As early as 04:30 GMT+2 on Sunday, up to top 34 cryptocurrencies on CoinMarketCap were all in pimento red, bleeding profusely as if there had been a knife battle between some savages. Only 12 cryptos out of the top 100 could boast of gains.
In the top 10, blood was gushing out of the nose of market leader Bitcoin with a negative 6.17 percent bashing bringing the price to $2,579.65. Ether’s market price, which was worth over $350 on Saturday afternoon, has now crashed to $319.
The big players have all been subdued by slumps and the market is a mere shadow of itself. Though losses do not appear to be hefty like previous downturns, there are strong indications of a bad omen.
The biggest losers in the top 10 were newcomer IOTA, who experienced a 12.11 percent fall, followed by Blockchain application token Stratis, with a negative 12.5 percentage points. The least decay was recorded by SegWit pioneer Litecoin, which was not even tiny – 5.67 percent.
There is no moment of inspiration with so many losses everywhere. But the point is we have always recovered from such bleak moments to reach higher heights again. There have been worse scenarios than this situation where our detractors predicted it was over for us, yet we bounced back big time.
However, at number 35, Numeraire was prospering in the midst of all the darkness and doom. It soared an unimaginable 176.67 percent to sell at $147.76.
This brings to mind the previous depression experienced a fortnight and almost a month ago, which Cointelegraph christened the “crypto massacre.” If we are in a market panic, then this is the third in barely a month.
In late May, markets witnessed a roller-coaster that nearly sent everyone running for shelter. However, there was nowhere to run to, as almost every solid coin was in the red. Bitcoin, Ethereum, Ripple and NEM lost more than 24, 31, 39 and 40 percent respectively.
Two weeks later, in the middle of June, there was another recession which was not child’s play either. This time around, the top four saw a decline between 13-17 percent.
Three bubbles in a month leave much to be desired. Is this another crypto massacre? We will live and see.