Like every start of the week, people go back to work on a not-so-fun Monday. In parallel, different markets show signs of price stalling, as buying momentum lessens. This is especially true when markets are at all-time high levels. Today, the Cryptocurrency market is down by almost 9% and lost around USD 140 Billion in market capitalization. Although Bitcoin barely lost 3% of its price, which are the top loser coins that caused this red day?
Why do RED DAYS occur?
Before checking the top loser coins, we need to understand that red days are part of the game. The markets will NEVER be green the whole time. Prices fluctuate based on supply and demand, and that’s something good in developed markets, and the cryptocurrency market is no different.
Speaking about today, red days can occur due to several reasons:
- Weaker buying momentum and in turn, stronger selling pressure
- Profit-taking
- Whales moving their holdings to other coins, picked up by algorithmic trading as a downtrend, and thus a snowball effect happened downwards
- Bitcoin prices taking breathers – Bitcoin is known to have a market dominance of +60%, so any move in BTC prices will definitely be reflected across the whole cryptocurrency market
Top 10 Losers – High capped
Most loser coins were low capped coins, that are most volatile due to their low cap nature. But here below, we’re going to mention those loser coins that have a market cap higher than 1 Billion and lost the most within the past 24 hours:
- Elrond (EGLD): – 15.28 %
- Dogecoin (DOGE): -14.99%
- Zcash (ZEC): – 12.88%
- Near Protocol (NEAR): – 12.46 %
- Algorand (ALGO): – 12.27 %
- EOS (ESO): – 11.61 %
- Bitcoin SV (BSV): – 11.55 %
- Tezos (XTZ): – 10.71 %
- Stellar (XLM): – 10.32 %
- Tron (TRX): – 9.78 %
If we closely look at figure 1, this red day shouldn’t be worrisome, and represents a normal price-action pattern. If this red day is extended for another day or two, then we might say that prices corrected heavily, and it might be a good idea to enter the market with lower prices.
Stay Ahead, Stay Updated
Rudy Fares
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