The crypto-market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.
EOS recorded the largest loss amongst major cryptocurrencies, recording a loss of more than 10 percent overnight. Ethereum, Bitcoin Cash, Litecoin, Stellar, and Cardano fell behind EOS, falling by just over 7 percent. Ethereum experienced the biggest loss amongst major cryptocurrencies today alongside EOS, and given that smaller cryptocurrencies and tokens follow the trend of BTC and ETH, the short-term trend of ETH is important to observe.
It is a difficult phase for crypto investors. Investors have been confronted with a bear cycle for weeks. The leading cryptocurrency BTC almost cracked the US$ 20,000 mark a few months ago but has been on its way south ever since. Some analysts predict that the bottom is still not found and the BTC price could be below US$ 5,000 and perhaps even below US$ 3,000.
In discussions with OTC traders, we learned that many of the crypto-investors are currently massive in the reds. There are currently hardly any BTC sellers on the market and therefore hardly any large OTC transactions because everyone is hoping for a turnaround and rising prices.