Published On: Wed, Jun 13th, 2018

Altcoins Get Clobbered, Taking the Brunt of the Bitcoin Bear Market

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Following the hack of a largely unheard-of cryptocurrency exchange in South Korea and a probe by US government investigators into Bitcoin price manipulation, the cryptocurrency market has once again broken to the downside — and things aren’t looking pretty. 
Brutality
At the time of this writing, the total market capitalization for cryptocurrencies is sitting at roughly $283 billion USD — a number many would’ve found unbelievable following January’s high of over $830 billion.
With bears firmly in control, it is likely the overall market cap will test critical (and psychological) support around $250 billion — before potentially smashing through and eradicating all gains made during Q4 2017’s run-up.

Bitcoin (BTC), unsurprisingly, has been hit the least. The first and foremost cryptocurrency is trading at around $6,600, down over 13 percent over the last seven days. Of course, such a weekly decline is nothing to scoff at — and things have only been worse for the altcoin market.
Bitcoin’s main rival, Bitcoin Cash (BCH), has taken a significantly worse beating — losing over 23 percent of its value over the same timespan. BCH is now trading at around $870.
Bitcoin tag-along Litecoin (LTC), meanwhile, is struggling to maintain …

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