Altmageddon. Coming Summer 2018!
The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.
Bitcoin is down 8 percent and dropped from $6,700 earlier today now trading at under $6,200 with $6,000 being considered an important line of support.
All of the top ten cryptocurrencies by market cap have lost between 4 and around 10 percent over the 24-hour period, according to Coinmarketcap, with EOS dropping most sharply, trading at $9.45 to press time, down 10.08 percent.
It’s possible that the decline will continue in the short term as traders seek to preserve holdings, with eyes now on the $6,000 mark as a measurement of how far the decline will go before finding support and consolidating once again.