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The recent earners of the altcoin ranks have undergone major corrections on Thursday, as $ 11 billion has been swept away by the global market within a matter of hours.
The decline in flash continues to progress slowly downward at the time of writing, with Bitcoin already down 7% in a reserve position up to the $ 3,800 range. The fall of Ethereum was twice as severe as ETH fell 13% to $ 130.
But, as always, it is the recent winners who are massacred more in a bloodbath, and this is also true on Thursday, since Holochain (HOT), NEO (NEO) and Pundi X (NPXS) have all lost by, or more than a quarter of their market limits.
Holochain (HOT) Price
L 'olocaine has increased by 92% in the last two weeks. The value of the HOT token made several leaps forward from December to January and recorded a 25% increase after the release of the latest Weiss Cryptocurrency assessments. This was followed immediately by a jump of 31% fueled by the mainstream media's attention to the imminent token exchange at Holo Fuel.
Most of this progress was wiped out on Thursday morning, as HOT lost 27% in value, from a price of $ 0.000762 to $ 0.000553. Binance remains the source of the most liquidity for HOT negotiations and its BTC and ETH markets represent approximately 85% of the total daily volume.
NEO price
The NEO momentum developed throughout the month of December and January, as the price of coins rose above monthly highs and reached mid-November levels at the high end of $ 9.
When the plunge hit, NEO was hit for around 16% of its market value, rising from a coin price of $ 9.77 to $ 8.17. Another 10% decline would have wiped out the gains until December 22nd.
Unlike Holo, NEO traded mainly against the USDT, as over 40% of the daily volume of $ 187 million came from the Tether markets.
Pundi X (NPXS) Price
How all seemed rosy Pundi X only a few hours ago. A successful day at CES 2019 saw Pundi's blockchain-based XPhone presented and covered by mainstream publications. Meanwhile, the XPOS point-of-sale device from the company has recently been shown in Norway, the first instant sale of retail outlets across the country.
All of this resulted in a 23% price increase for the currency. But as of Thursday, most of this was no longer, since the price of coins dropped from $ 0,000563 to $ 0.000435 – a loss of 22% in less than twenty-four hours.
Global pump and exhaust?
If we look at the global charts of the last two weeks, it seems that the entire market may have been the subject of a pump and a landfill.
After the Christmas wave, the normal move would have been for a correction, however, on December 28, a sudden inflow of $ 10 billion entered the market over a two-hour period. Just enough to excite everyone for a run to the bull of the new year.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
