{"id":394637,"date":"2019-08-29T20:00:54","date_gmt":"2019-08-29T20:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=394637"},"modified":"2024-06-11T13:24:54","modified_gmt":"2024-06-11T13:24:54","slug":"eos-ethereum-litecoin-lead-massive-bitcoin-dump","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/eos-ethereum-litecoin-lead-massive-bitcoin-dump\/","title":{"rendered":"EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">Yesterday\u2019s Bitcoin carnage <a href=\"https:\/\/wncen.com\/2019\/08\/29\/bitcoin-plunges-1000-in-a-few-hours-as-crypto-markets-quake\/\">saw over $20 billion in USD value wiped out from the total crypto market capitalization<\/a>. The dump affected nearly all crypto assets, including <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, <a href=\"\/tag\/eos\" rel=\"nofollow\">EOS<\/a>, and <a href=\"\/tag\/litecoin\" rel=\"nofollow\">Litecoin<\/a> \u2013 even Bitcoin, which has maintained support despite altcoins collapsing around it.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">But new data shows that it may have been altcoins collapsing that dragged down <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>. A side-by-side comparison of the price action in select altcoins shows that Ethereum, EOS, and Litecoin led the dump, causing overall sell pressure across the crypto space to cause the first-ever crypto asset to follow suit.<\/span><\/p>\n<h2>EOS, Ethereum, and Litecoin Lead the $20 Billion Crypto Market Dump<\/h2>\n<p class=\"p2\"><span class=\"s1\">At the close of 2018, following a year-long bear market, Bitcoin and altcoins began to rebound, with certain altcoins like Litecoin leading the way. The rally lasted until about Q2 2019, then, <a href=\"https:\/\/wncen.com\/2019\/06\/25\/crypto-bitcoin-dominance-altcoins-btc\/\">Bitcoin and altcoins diverged sharply<\/a>, with altcoins continuing their selloff and BTC proceeding upon its parabolic rally.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Eventually, Bitcoin\u2019s rally topped out, and the leading crypto asset by market cap has struggled to regain the momentum it once had.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/28\/altcoin-market-is-failing-to-produce-utility-only-bitcoin-can-become-money\/\">Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p2\"><span class=\"s1\">Yesterday, Bitcoin price finally fell through support at $10,000 that most crypto analysts and traders were expecting to hold. But $10,000 didn\u2019t hold as most thought it would, and its price fell over $600 to $9,500 where it is currently trading and attempting to find support.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">But it wasn\u2019t BTC that led the dump. A new side-by-side comparison chart next to <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, <a href=\"\/tag\/eos\" rel=\"nofollow\">EOS<\/a>, and <a href=\"\/tag\/litecoin\" rel=\"nofollow\">Litecoin<\/a>, shows that the three altcoins led the market leader in crashing.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Pretty interesting observation on yesterday&#39;s dump from a friend of mine. <\/p>\n<p>EOS dumped super hard before Bitcoin even moved. ETH, LTC and other alts followed suit shortly after, before the big dumping started on BTC.<\/p>\n<p>Draw your own conclusions. <a href=\"https:\/\/t.co\/5YUTdiuy0g\" rel=\"nofollow\">pic.twitter.com\/5YUTdiuy0g<\/a><\/p>\n<p>&mdash; hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) <a href=\"https:\/\/twitter.com\/hodlonaut\/status\/89604865?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\"><span class=\"s1\">The dump started with EOS leading the way with a massive dump. Then like dominoes, Ethereum and Litecoin fell sharply next, followed later by Bitcoin. The time difference between when EOS started dumping and when BTC finally feel through support is roughly 20-30 minutes.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">It\u2019s not clear if the timing is simply coincidence, or if the selling pressure and negative sentiment in altcoins finally caught up with the leading crypto asset, and caused its collapse.<\/span><\/p>\n<h2>If Bitcoin Followed Alt Breakdown, Price Would Be Roughly $7.6K, Is that the Next Target?<\/h2>\n<p class=\"p2\"><span class=\"s1\">While Bitcoin has been on what most believe to be the beginning of its next bull run, money has been leaving the altcoin market in droves. Some of it has gone into BTC, helping to fuel its parabolic rise, while the rest is likely cashed out, with crypto investors finally fed up with extensive losses.<\/span><\/p>\n<p>https:\/\/twitter.com\/CryptoGainz1\/status\/64540672<\/p>\n<p class=\"p2\"><span class=\"s1\">Had Bitcoin fell at a similar rate as alts, Bitcoin price would be roughly $7,600 by now. That number is widely considered by crypto analysts as one of the key support zones it could fall to next. Another is at $8,500, where a <a href=\"https:\/\/www.cmegroup.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">CME Futures<\/a> gap has been left unfilled for months now.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/27\/crypto-analyst-warns-of-potential-feb-2018-style-bitcoin-price-plunge\/\">Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge<\/a><\/strong><\/em><\/p>\n<p class=\"p2\"><span class=\"s1\">With altcoins acting as a strong indicator of what <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> does next, continued capitulation could cause investors to turn bearish on Bitcoin, and if that occurs, the early bull run may be nothing more than yet another bear market rally that\u2019s been swatted down once again.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday\u2019s Bitcoin carnage saw over $20 billion in USD value wiped out from the total crypto market capitalization. The dump affected nearly all crypto assets, including Ethereum, EOS, and Litecoin \u2013 even Bitcoin, which has maintained support despite altcoins collapsing around it. But new data shows that it may have been altcoins collapsing that dragged down Bitcoin. A side-by-side comparison of the price action in select altcoins shows that Ethereum, EOS, and Litecoin led the dump, causing overall sell pressure across the crypto space to cause the first-ever crypto asset to follow suit. EOS, Ethereum, and Litecoin Lead the $20 Billion Crypto Market Dump At the close of 2018, following a year-long bear market, Bitcoin and altcoins began to rebound, with certain altcoins like Litecoin leading the way. The rally lasted until about Q2 2019, then, Bitcoin and altcoins diverged sharply, with altcoins continuing their selloff and BTC proceeding upon its parabolic rally. Eventually, Bitcoin\u2019s rally topped out, and the leading crypto asset by market cap has struggled to regain the momentum it once had. Related Reading | Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money\u00a0 Yesterday, Bitcoin price finally fell through support at $10,000 that most crypto analysts and traders were expecting to hold. But $10,000 didn\u2019t hold as most thought it would, and its price fell over $600 to $9,500 where it is currently trading and attempting to find support. But it wasn\u2019t BTC that led the dump. A new side-by-side comparison chart next to Ethereum, EOS, and Litecoin, shows that the three altcoins led the market leader in crashing. Pretty interesting observation on yesterday&#39;s dump from a friend of mine. EOS dumped super hard before Bitcoin even moved. ETH, LTC and other alts followed suit shortly after, before the big dumping started on BTC. Draw your own conclusions. pic.twitter.com\/5YUTdiuy0g &mdash; hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) August 29, 2019 The dump started with EOS leading the way with a massive dump. Then like dominoes, Ethereum and Litecoin fell sharply next, followed later by Bitcoin. The time difference between when EOS started dumping and when BTC finally feel through support is roughly 20-30 minutes. It\u2019s not clear if the timing is simply coincidence, or if the selling pressure and negative sentiment in altcoins finally caught up with the leading crypto asset, and caused its collapse. If Bitcoin Followed Alt Breakdown, Price Would Be Roughly $7.6K, Is that the Next Target? While Bitcoin has been on what most believe to be the beginning of its next bull run, money has been leaving the altcoin market in droves. Some of it has gone into BTC, helping to fuel its parabolic rise, while the rest is likely cashed out, with crypto investors finally fed up with extensive losses. https:\/\/twitter.com\/CryptoGainz1\/status\/64540672 Had Bitcoin fell at a similar rate as alts, Bitcoin price would be roughly $7,600 by now. That number is widely considered by crypto analysts as one of the key support zones it could fall to next. Another is at $8,500, where a CME Futures gap has been left unfilled for months now. Related Reading | Crypto Analyst Warns of Potential Feb 2018 Style Bitcoin Price Plunge With altcoins acting as a strong indicator of what Bitcoin does next, continued capitulation could cause investors to turn bearish on Bitcoin, and if that occurs, the early bull run may be nothing more than yet another bear market rally that\u2019s been swatted down once again.<\/p>\n","protected":false},"author":517,"featured_media":394640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,16892,13625,16897],"tags":[428,6664,10598,1946,10],"class_list":["post-394637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-eos","category-ethereum","category-litecoin","tag-bitcoin","tag-crypto","tag-eos","tag-ethereum","tag-litecoin"],"acf":[],"yoast_head":"\n<title>EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500<\/title>\n<meta name=\"description\" content=\"Yesterday\u2019s Bitcoin carnage saw over $20 billion in USD value wiped out from the total crypto market capitalization. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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