Newsflash: XRP Plummets 12% As Crypto Market Turns Deep Red

August 14, 2019

[the_ad id=”36860″]

A sudden sharp drop in the price of Bitcoin has triggered a domino effect for crypto assets across the board.

In less than an hour, BTC shot from $10,559 to $10,202, according to CoinMarketCap.

Of the top 10 coins, XRP is down the most, with a 12.35% drop to $0.2583 at time of publishing.

The overall market cap of all cryptocurrencies is now at $266 billion after floating around $278 billion for most of the day.

[the_ad id=”36860″]

Crypto analyst Alex Krüger is highlighting a further drop in the crypto Fear & Greed Index from Alternative.me, which measures the overall sentiment of traders based on market volatility, surveys and social media. The needle is now in the extreme fear zone of 11, which indicates traders are extremely concerned that the price will continue to fall.

Are you afraid?

I am not.

(Fear & Greed index currently at the Dec/2018 lows)

Next key level below at $10300-10325. $BTC pic.twitter.com/Fm5KdhU6N4

— Alex Krüger (@krugermacro) August 14, 2019

The indicator has moved from greed to extreme fear in less than a week.

According to the creators of the index, when the needle moves this low, traders may be turning overly bearish on the market.

“The crypto market behavior is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers.

With our Fear and Greed Index, we try to save you from your own emotional overreactions.

There are two simple assumptions: Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. When Investors are getting too greedy, that means the market is due for a correction.”

[the_ad id=”36860″]

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.