Crypto Markets Plummet

Neither this post nor any other on cryptofal.com should be considered financial advice. It is not.

The cryptocurrency market took a beating overnight. With $2.5 billion in liquidations, it’s not surprising that the overall market cap has dipped below $2.3 trillion. BTC dominance is down to 40.2% while ETH dominance is up to 21.1%. On Binance, we saw BTC dip to around $42k, however Huobi saw levels dip all the way down to $28k before recovering almost instantly.

The MFI is nearing oversold territory on BTC’s 4-hour candle chart, while the MACD is making an attempt at reversing its downward momentum. It should be noted that volume is settling slightly coming into this Saturday morning after the overnight dips. This could mean that BTC may be looking to settle in this area.

Buy-side pressure for Ethereum below $4,000 continues to be fairly strong. Overnight, ETH would wick down to $3500, but it would recover quickly finding strong support above $3,800. Ethereum’s dominance is also increasing as the overall market dipped and BTC dominance decreased. This means that Ethreum was either seeing larger inflows/buys, or less outflows/sells.