Black Tuesday for altcoins!

[cuddaloreappu]

many altcoins are just having a meltdown... does anybody know the reason?..

[1714753968]

1714753968

[byt411]

many altcoins are just having a meltdown... does anybody know the reason?..

Because most of them are shitcoins with nothing new or innovative, and just copies of each other?

[jjc326]

No idea yet but I'm sure one will turn up. It could be a panic type move. Maybe bad news for one coin like a big one like ltc and the others are filling suit. I'm not able to check right now, what percentage down are they?

[vuduchyld]

#   Name   Market Cap   Price   Available Supply   Volume (24h)   % Change (24h)   Market Cap Graph (7d)
1   Bitcoin Bitcoin   $ 7,473,589,399   $ 569.21   13,129,850 BTC   $ 15,770,000   -3.52 %   
2   Litecoin Litecoin   $ 171,298,330   $ 5.52   31,055,654 LTC   $ 7,932,790   -20.63 %   
3   Ripple Ripple   $ 42,877,872   $ 0.005196   8,252,600,677 XRP *   $ 292,933   4.12 %   
4   Nxt Nxt   $ 30,120,913   $ 0.030121   999,997,096 NXT *   $ 161,232   -18.42 %   
5   Darkcoin Darkcoin   $ 22,787,716   $ 5.01   4,551,817 DRK   $ 220,067   -9.34 %   
6   Peercoin Peercoin   $ 18,556,318   $ 0.857853   21,631,116 PPC   $ 175,000   -10.96 %   
7   BitSharesX BitSharesX   $ 17,141,253   $ 0.008572   1,999,775,140 BTSX *   $ 81,565   -4.93 %   
8   Dogecoin Dogecoin   $ 12,536,478   $ 0.000140   89,543,716,277 DOGE   $ 237,421   -15.32 %   
9   Namecoin Namecoin   $ 12,358,992   $ 1.29   9,570,450 NMC   $ 107,749   -8.88 %   
10   MaidSafeCoin MaidSafeCoin   $ 12,205,158   $ 0.026970   452,552,412 MAID *   $ 29,625   1.87 %   
11   BitShares PTS BitShares PTS   $ 7,223,964   $ 4.36   1,658,272 PTS   $ 36,119   0.88 %   
12   Monero Monero   $ 5,662,143   $ 2.08   2,720,157 XMR   $ 135,301   3.09 %   
13   Counterparty Counterparty   $ 5,403,557   $ 2.04   2,648,738 XCP *   $ 10,523   -8.61 %   
14   XCurrency XCurrency   $ 4,729,074   $ 0.856152   5,523,639 XC *   $ 51,583   -2.33 %   
15   BlackCoin BlackCoin   $ 3,988,230   $ 0.053427   74,648,907 BC *   $ 125,916   -15.59 %   

Take your pick...lots of red ink today

[vuduchyld]

Total crypto market cap on coinmarketcap.com has dropped to $7.905 billion...and figure BTC and LTC make up more than 7.6 billion together.  That means everything else combines for less than $300 million?  That's a biiiiig dump from just last Monday.

[IXC2XIC]

many altcoins are just having a meltdown... does anybody know the reason?..

The exact same thing happened last year before the big boom.  Heard it called the Bitcoin effect or Tsunami effect.  Sure feels like a tsunami.  This is when you buy, when they're nearly free and everyone is freaking out.

[IXC2XIC]

#   Name   Market Cap   Price   Available Supply   Volume (24h)   % Change (24h)   Market Cap Graph (7d)
1   Bitcoin Bitcoin   $ 7,473,589,399   $ 569.21   13,129,850 BTC   $ 15,770,000   -3.52 %   
2   Litecoin Litecoin   $ 171,298,330   $ 5.52   31,055,654 LTC   $ 7,932,790   -20.63 %   
3   Ripple Ripple   $ 42,877,872   $ 0.005196   8,252,600,677 XRP *   $ 292,933   4.12 %   
4   Nxt Nxt   $ 30,120,913   $ 0.030121   999,997,096 NXT *   $ 161,232   -18.42 %   
5   Darkcoin Darkcoin   $ 22,787,716   $ 5.01   4,551,817 DRK   $ 220,067   -9.34 %   
6   Peercoin Peercoin   $ 18,556,318   $ 0.857853   21,631,116 PPC   $ 175,000   -10.96 %   
7   BitSharesX BitSharesX   $ 17,141,253   $ 0.008572   1,999,775,140 BTSX *   $ 81,565   -4.93 %   
8   Dogecoin Dogecoin   $ 12,536,478   $ 0.000140   89,543,716,277 DOGE   $ 237,421   -15.32 %   
9   Namecoin Namecoin   $ 12,358,992   $ 1.29   9,570,450 NMC   $ 107,749   -8.88 %   
10   MaidSafeCoin MaidSafeCoin   $ 12,205,158   $ 0.026970   452,552,412 MAID *   $ 29,625   1.87 %   
11   BitShares PTS BitShares PTS   $ 7,223,964   $ 4.36   1,658,272 PTS   $ 36,119   0.88 %   
12   Monero Monero   $ 5,662,143   $ 2.08   2,720,157 XMR   $ 135,301   3.09 %   
13   Counterparty Counterparty   $ 5,403,557   $ 2.04   2,648,738 XCP *   $ 10,523   -8.61 %   
14   XCurrency XCurrency   $ 4,729,074   $ 0.856152   5,523,639 XC *   $ 51,583   -2.33 %   
15   BlackCoin BlackCoin   $ 3,988,230   $ 0.053427   74,648,907 BC *   $ 125,916   -15.59 %   

Take your pick...lots of red ink today

I prefer to buy the bottom 30 coins.  You can get 100 times more for you money while avoiding overhyped ShitCoins.  Last year It was those bottom dwellers like Quark that shot up the most, BY FAR.

Good luck!

[williamevanl]

Well folks, we all knew it wasn't going to continue like this forever. (images of titanic come to mind )

[IXC2XIC]

Well folks, we all knew it was going to continue like this forever. (images of titanic come to mind )

I wouldn't say forever. If you were around last November you'll remember this is exactly what happened.  People were panicking and freaking out cause alts we're completely collapsing.  Little did people know that was the best time to buy all you could afford.

[Viper1]

All these coins are basically no different than stocks and because of that, I believe it's mostly due to it being summer.

Couple quotes:

There is an old wives' tale on Wall Street, summed up by the expression: "Sell in May, go away, and don't come back till St Leger's Day." ...... Read the paper by professors Ben Jacobsen and Cherry Zhang at Massey University in New Zealand. They've basically looked at data for more than 100 stock markets. In some cases, such as Britain's, their data has gone back three centuries ....... In a nutshell: Year after year, decade after decade, stock markets have generated all their returns in the winter months.

"Sell in May and go away" is strategy that some investors and traders are likely contemplating right now ....... The adage is based on the historically weaker performance of stocks during the May through October time period. Adherents shift from stocks to cash at the beginning of May and then invest back into stocks at the start of November ....... Historical performance shows there are best and worst six-month periods for stocks. Jeff Hirsch at the Stock Trader’s Almanac calculates that the Dow Jones industrial average has an average return of just 0.3% during the worst six-month period (May through October) since 1950 ...... Conversely, during the best six months (November through April), the Dow has an average gain of 7.5%. Sam Stovall at S&P Capital IQ says the S&P 500 has risen by a mere 1.2% during the average worst six-month period, while rising 6.9% during the average best six-month period. (Sam’s numbers go back to 1945.)

[williamevanl]

Well folks, we all knew it was going to continue like this forever. (images of titanic come to mind )

I wouldn't say forever. If you were around last November you'll remember this is exactly what happened.  People were panicking and freaking out cause alts we're completely collapsing.  Little did people know that was the best time to buy all you could afford.

First off, I was. Secondly I think this is just round one. Lets see what the next couple of days bring... Don't get me wrong though, there will be a time to buy but honestly only a couple options will be worth it.

[Benjig]

#   Name   Market Cap   Price   Available Supply   Volume (24h)   % Change (24h)   Market Cap Graph (7d)
1   Bitcoin Bitcoin   $ 7,473,589,399   $ 569.21   13,129,850 BTC   $ 15,770,000   -3.52 %   
2   Litecoin Litecoin   $ 171,298,330   $ 5.52   31,055,654 LTC   $ 7,932,790   -20.63 %   
3   Ripple Ripple   $ 42,877,872   $ 0.005196   8,252,600,677 XRP *   $ 292,933   4.12 %   
4   Nxt Nxt   $ 30,120,913   $ 0.030121   999,997,096 NXT *   $ 161,232   -18.42 %   
5   Darkcoin Darkcoin   $ 22,787,716   $ 5.01   4,551,817 DRK   $ 220,067   -9.34 %   
6   Peercoin Peercoin   $ 18,556,318   $ 0.857853   21,631,116 PPC   $ 175,000   -10.96 %   
7   BitSharesX BitSharesX   $ 17,141,253   $ 0.008572   1,999,775,140 BTSX *   $ 81,565   -4.93 %   
8   Dogecoin Dogecoin   $ 12,536,478   $ 0.000140   89,543,716,277 DOGE   $ 237,421   -15.32 %   
9   Namecoin Namecoin   $ 12,358,992   $ 1.29   9,570,450 NMC   $ 107,749   -8.88 %   
10   MaidSafeCoin MaidSafeCoin   $ 12,205,158   $ 0.026970   452,552,412 MAID *   $ 29,625   1.87 %   
11   BitShares PTS BitShares PTS   $ 7,223,964   $ 4.36   1,658,272 PTS   $ 36,119   0.88 %   
12   Monero Monero   $ 5,662,143   $ 2.08   2,720,157 XMR   $ 135,301   3.09 %   
13   Counterparty Counterparty   $ 5,403,557   $ 2.04   2,648,738 XCP *   $ 10,523   -8.61 %   
14   XCurrency XCurrency   $ 4,729,074   $ 0.856152   5,523,639 XC *   $ 51,583   -2.33 %   
15   BlackCoin BlackCoin   $ 3,988,230   $ 0.053427   74,648,907 BC *   $ 125,916   -15.59 %   

Take your pick...lots of red ink today

Well i dont know whats the reason, but bitcoin is melting too, from 590 to 560.. something is triggering this downwards. maybe the ethereum devs are dumping the bitcoins they got from the ipo

[vuduchyld]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%).  

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

[IXC2XIC]

Well folks, we all knew it was going to continue like this forever. (images of titanic come to mind )

I wouldn't say forever. If you were around last November you'll remember this is exactly what happened.  People were panicking and freaking out cause alts we're completely collapsing.  Little did people know that was the best time to buy all you could afford.

First off, I was. Secondly I think this is just round one. Lets see what the next couple of days bring... Don't get me wrong though, there will be a time to buy but honestly only a couple options will be worth it.

I totally agree with you.  I think we're gonna have a few more bad days although it could stretch to 2-3 more weeks but with a bounce off the bottom.  The prices right now for most alts are ridiculously low as it is.  What a bad time to be broke.  lol.

[cinder]

Bitcoin is going down also.

If all alt coins are denominated in bitcoin, shouldn't this be considered normal?

[Hfleer]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

[Hfleer]

Bitcoin is going down also.

If all alt coins are denominated in bitcoin, shouldn't this be considered normal?

No, because the coins go down by a factor of 10!

[IXC2XIC]

Bitcoin is going down also.

If all alt coins are denominated in bitcoin, shouldn't this be considered normal?

No, because the coins go down by a factor of 10!

Exactly.  But also, when Bitcoin pops hard most alts go up by a factor of 10-100.  The key is buy them at the bottom which I think is now...or maybe in a week or two.  We're definitely near the bottom I would say but I thought so last month.  lol.

[Hfleer]

Bitcoin is going down also.

If all alt coins are denominated in bitcoin, shouldn't this be considered normal?

No, because the coins go down by a factor of 10!

Exactly.  But also, when Bitcoin pops hard most alts go up by a factor of 10-100.  The key is buy them at the bottom which I think is now...or maybe in a week or two.  We're definitely near the bottom I would say but I thought so last month.  lol.

Or those high market caps were fads all along and there is no real floor. We will see soon enogh I guess

[Benjig]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

Well stellar also went down.. so the downtrend of other alts is not because of stellar.. maybe is because of the price of bitcoin that is going down..