When Bitcoin (BTC) briefly rebounded to $4,000 early this week, it sparked hope that the worst was finally over. Top cryptos bleed hard as the market resumes its race to the bottom. At press time, Bitcoin plummeted 7% in daily trading, barely clinging to $3,700. Ethereum fared no better, crashing 8% to $105.

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.

Top 20 Cryptos Bleed: Market Crash Deepens

The crypto massacre continues unabated. Only Nem shows resilience amid Coincheck’s opening. Market anomalies appear as Gold Bits Gold spikes 50%, though this pump will likely dump tomorrow. Ravencoin gains 6% while Chainlink recovers 12%. Stablecoins remain the sole safe haven. Factom and Sirin Labs crash 25%, with Dentacoin and Mithril down 14%. The Asian trading session reveals former pumpers now dumping hard. Total market cap collapses to $121B, erasing recent gains. The 7% drop signals more pain ahead, potentially pushing below $100B as the bear market deepens.

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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