The Santa rally came to an abrupt end a few hours back when crypto markets started dumping with vigor.
Bitcoin dropped through its $4,000 support level at about midnight UTC and plunged to $3,870 within another hour. Having the Intraday high of $4,270 the slide is a 10% loss for BTC as the weeklong rally comes to a conclusion. In the time of writing Bitcoin had fallen back to $3,800 that is just another service zone.
After making enormous progress which has seen it grow around 70 percent per week Ethereum is dumping once more. Following its huge down brother ETH has lost 13% on the day and was heading south of 130 at the time of composing. XRP above it'd just lost 9% in the afternoon as the gap between them widens again.
Altcoins are all in the red during Asian trading that this Christmas morning, most by double figures. Getting absolutely smashed again is BitCoin Cash uses a 25% loss on the afternoon, dropping it back to under $160. Bitcoin SV was also getting hammered using a 17% plunge as Tether climbs back up the market cap chart.
All of cryptocurrencies at the top twenty were dropping double digits at the right time of writing. Taking the greatest strikes were Cardano, Neo along with Binance Coin wiping out a lot of their latest progress.
The only two altcoins in the green in the time of writing were Populous and MCO, still climbing while people plummet. OmiseGO and Ontology are both up there with over 20 percent losses and Holo, Bytom and Qtum weren't far behind.
Even the 11% purge has pulled total crypto market capitalization back down to $128 billion. Around $16 billion was dropped in the previous 24 hours wiping out all gains from Saturday. On the week, however markets continue to be up, but which won't be the situation if this proceeds. The bears ought to be taking off a day and enjoying Christmas, however it appears they are too busy selling crypto at the moment.