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.
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.
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