Most cryptocurrency markets are continuing to slide into the red following yesterday's dramatic sell-off. The market has now witnessed back to back losses since November 06, 2019, with more than $30 billion wiped off the total market capitalization of all cryptocurrencies in the past two weeks.
Currently, Bitcoin (BTC) is down a further 1% since yesterday, whereas EOS and Binance Coin (BNB) are down around 1% apiece. Bitcoin SV (BSV) is currently performing the worst among the top 10 largest cryptocurrencies—losing nearly 3% since yesterday to fall under $110 for the first time since late October.
As it stands, most major cryptocurrencies are experiencing slight losses of between 1-3%, whereas cryptocurrencies with a lower market cap appear to be recovering considerably. For example, Chainlink (LINK), NEO and Tezos (XTZ) are all up more than 3%. Overall, the total market capitalization of altcoins has slightly increased in the last day, jumping from $75.8 to $75.9 billion.
Overall, this mostly bearish market momentum appears to be the result of negative press coverage surrounding cryptocurrencies in China. Just yesterday, the state-run television channel CCTV-1 described cryptocurrencies as an "illegal Ponzi scheme", before highlighting some examples of how they have been used to defraud investors. It appears the still-nascent cryptocurrency markets are particularly prone to wild price fluctuations on the back of changes in investor sentiment.
