Nearly all top 10 alternative cryptocurrencies by Market Capitalization have hit their respective 6-month lows after bitcoin’s rapid price slide dragged the rest of the markets into the red on Tuesday.
Litecoin (LTC), EOS (EOS), Binance Coin (BNB), and Stellar (XLM) dropped to their lowest point in over 6-month shortly after BTC’s major sell-off forced traders to exit the market in quick succession.
XRP (XRP) stands as the outlier on the week after hitting a 658-day low of $0.22 on Sept. 24, marking it as the biggest loser and single-day loss amongst the top 10 by market value.
As seen above XRP leads by a large margin after reaching its lowest point in almost 2 years, while bitcoin cash (BCH), bitcoin SV (BSV) and Ether (ETH) suffered the least after hitting only 4-month lows.
Still, the event marks a period where the primary trend for all cryptocurrencies has been thrown into contention after the majority passed below their respective 200-day moving average, a sign of long-term market health, in July.
Further, a total of $16 billion has been siphoned out of the alternative cryptocurrency market since Sept. 24, measured by its total market capitalization excluding bitcoin.
The onus now resides with the bulls to begin appearing in larger numbers to drive values higher, lest the downward pressure forces another major sell-off with an expected target of around $6,200 from bitcoin’s measured move from its latest descending triangle breakdown.
Disclosure: The author holds no cryptocurrency at the time of writing.