Fears regarding the coronavirus outbreak are negatively impacting the crypto industry. The entire cryptocurrency market capitalization is down more than $25 billion in the last 24 hours. Bitcoin (BTC), the flagship cryptocurrency, has suffered a massive blowback but the altcoin market has taken an even greater hit.
The total market cap of altcoins has reached a critical support region and is down more than $18 billion in the last 24 hours from $79 billion to $61 billion at the time of writing. The entire market is in the red and BTC dominance is at 65.8%. Most major altcoins are down more than 20%, including Ethereum, XRP, Litecoin, Bitcoin cash, BNB, EOS, TRX, ADA, and XLM.
Ethereum’s price has declined after ETH/USD broke support at $184 and is down more than 30% on the daily. The second-largest cryptocurrency has been moving with the market; but, the news that TorusLabs co-founder Zen Yu Yong, tested COVID-19 positive after the Ethereum Community Conference in Paris might have created additional pressure on the coin. A confluence of strong technical levels clustered above the current price, including SMA50 1-hour, might make it difficult for ETH/USD to recover.
Popular altcoin XRP is also down 23.13 % in the last 24 hours and is currently trading slightly above $0.15. The token dropped is now down below its 2019 low of $0.1752 after it broke support at $0.1680. The RSI is also on the downside in the long-term charts and the sell-off may continue if the next support fails to hold.
Litecoin dropped sharply after it failed to recover above USD 50.50 and USD 52.50. LTC/USD fell below the USD 47.50 and USD 45.00 support levels. It tested the USD 42.00 support level but it failed to hold and is down 29% currently trading at $34.23 at the time of writing.
Among the top 25 altcoins, Chainlink, the altcoin that once shook the crypto industry with its Google partnership, is the biggest loser down 40% percent on the daily closely followed by Zcash, Ontology, Tezos, Doge, all tumbling down more than 30%.