In a classic pump and dump, the cryptocurrency market is seething from the recent dump. In the short span of an hour, the cryptocurrency market just got $8 billion USD wiped out. With this large dump, the top ten are booking major losses.

The worst affected from this are the same coins that were seen making gains in the past week. That is; Bitcoin, Ethereum, NEO, Cardano, etc. The total market capitalisation has also taken a rather prominent hit from this volume wipeout and is now currently at $129 billion.

Bitcoin, which was celebrating being consistently above $4,000 USD this week, fell below the $4,000 mark and is booking loss of about 5.20%. The worst affected in the top 10 was Bitcoin Cash which lost more than 10% in this little wipeout.

The $8 billion USD dump has brought the entire cryptocurrency market into the red. With all coins booking losses of nearly 5% or more.

Ripple Back to 2nd Place

Along with Bitcoin Cash, Ethereum also had a terrible run today. With it booking losses of 9% in under an hour. The worst news is that Ethreum was just starting to recover from its year of low trends and downfalls.

This loss has put it back below $140 USD. With hardly any time to go for the hardfork that the company announced, Ethereum is struggling once again to keep up in the cryptocurrency market.

Possibly the worst news of all for Ethereum in this particular case is that Ripple’s XRP has, once again, overtaken Ethereum to become the second largest cryptocurrency in the market and thereby the world. But nothing can be said until the end of play today, because Ethereum may just be able to pick up as it is not too far behind in terms of market capitalisation.

Both XRP and ETH are now neck and neck with $14 Billion USD in market capitalisation. However, even though Ripple is back in second place, it has been no exception in the market so far. XRP too has been falling and booking losses because of the $8 billion USD dump and has lost about 3.88% today.

TRON Triumphs

Since the beginning of this year, TRON has been in the news for all the right reasons. And here it is again, being the only exception in the falling market right now that seems to be making gains. 

In a market where most cryptocurrencies are doing double-digit drops, TRON has somehow managed to stay in the green. TRON’s TRX is doing a 15% hike in value today alone. TRX has also jumped two places in the list to become the 8th largest cryptocurrency in the market.

TRON recently acquired BitTorrent and is gearing up for the integration of the two platforms. This is also a union that is blessed with the support of Binance, who announced not too long ago to list BTT on their exchange.

Overall, today has been a bad day for the cryptocurrencies, as they have lost about $8 Billion USD from its total market capitalisation. And also because of all the coins, except TRON of course, booking losses and very much in the middle of the red.  

Bitcoin is currently trading at $3,844.85 USD.

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Ramaa Mohan