The entire cryptographic market seems to behave like a big pump and dump at the moment. A short rally sent Bitcoin climbing more than 25% in July just to download all over again on an announcement advanced by the US Securities and Exchange Commission.
Cryptography experts and industry experts had already warned that the SEC's probability of approving a Bitcoin ETF this year was very low. Yet the panic has once again swept the cryptographic sphere because the sellers could not get rid of their digital coins fast enough.
The resulting FUDfest brought down the markets to the lowest levels in 2018, which was $ 229 billion a couple of hours ago according to coinmarketcap.com. This exceeds the previous minimum of $ 233 billion on June 29 and that prior to that of $ 244 billion on April 1st. The new lower lows indicate that we are not yet off the bear market and the downward trend may continue.
While Bitcoin lost nearly 70% from its $ 20,000 high at the end of last year, it is the altcoins who suffered the most. BTC is still higher than its price levels this time last year, but many of the altcoins are almost back at those prices that cancel the gains of a full year.
The XRP was a huge success, dropping 14% to $ 0.35. From its $ 3.70 ATH in January, Ripple's digital token dropped 90% of current levels. EOS did not go much better with a drop of almost 15% of the day at $ 6.05. Since its ATH of $ 21.46 in April EOS has plunged 72% in just three months to current levels. Litecoin went even worse with a collapse of more than 82% from the ATH of $ 372 in mid-December. The LTC fell 11.5% on the day to $ 66.18.
Iota is experiencing a really bad week, falling 33% in just four days from $ 0.98 on Saturday to $ 0.66 today. This altcoin based on Io returns in early November and continues to fall. Today no crypt is escaping bears as a sea of red envelops the markets. Bitcoin Cash, Ethereum Classic, Tron, Monero, Neo, Nem, Tezos and OmiseGO are all in double figures. Neo is back at the levels of September 2017, and XEM has returned to the July 2017 price range of $ 0.12.
As altcoins wipe out a whole year of earnings recovery it will be a long and slow process, and that may not occur during the rest of 2018.