When Bitcoin (BTC) returned to $4,000 early this week, it triggered hope that maybe the worse was finally over. But alas, this is not to be as the cryptocurrency continues its slide in an apparent race to the bottom. As at press time, Bitcoin was down by 7 percent on day trading, just hovering above $3,700. Ethereum, which is faring no better, was also priced at $105, a fall of 8 percent.

The rest of the cryptocurrencies in the top 10 list offer no relief as most of them are “sliding between 6 and 9 percent on the day.” The Stellar coin fell the hardest but still remained among the top 10 cryptocurrencies, unlike Monero, which was kicked out by a new coin. Coinmarketcap included Bitcoin SV in its new updated listings. The new coin broke out of Bitcoin Cash and has a market cap of about $1.8 billion. It is down by 3 percent on the day trading and is being priced below $105. Bitcoin SV enters the top 10 list at eighth position and is followed by Litecoin in ninth and Cardano in tenth.

The top twenty section is also not immune from the bloodbath being experienced in the crypto market as they are all in the red. Neo, Monero, Zcash, and Ethereum Classic all went down by 9 percent. As at the time of this writing, the only altcoin that was not falling hard as Coincheck opens is Nem. Also, “an obscure pump by Gold Bits Gold has put this coin at the top of the one hundred with a 50% spike which it is likely to dump by tomorrow.”

Ravencoin is up by 6% and also Chainlink seems to be recovering by 12 percent. Apart from these coins, stablecoins are the only ones also doing well in the market. The 25 percent slide by Factom and Sirin Labs in addition to the loss of 14 percent by Dentacoin and Mithril shows that previous pumpers are now dumping as the Asian trading session holds.

The total market cap, which also declined today, has wiped out all of the gains gotten from the recent bounce back. Market capitalization is currently pegged at about $121 billion, a downward slump of almost 7 percent. This figure is expected to fall below $100 billion as the bearish run in the crypto market seems to have no end.

In conclusion

The gains gotten from the brief rally of Tuesday now looks like a fluke as the cryptocurrency markets are back on somewhat familiar turf. The total market capitalization has fallen below $125 billion again, setting another new low for the digital currency markets this week. Monero was kicked out of the top 10 cryptocurrency list and was replaced by Bitcoin SV.

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