Crypto Markets Crash Removes 20% from Market in Hours

Crypto market suffers from 3 year lows
Crypto market suffers from 3 year lows

Crypto Markets Crash

A crash of rare proportions has rocked the crypto markets today, with many altcoins temporarily seeing losses greater than 40%.

The cryptocurrency market has undergone a severe sell-off — the kind that only happens once or twice per year. 

Over the past 24 hours, the price of BTC has declined by more than 15%. At the same time, ETH and various altcoins have dropped roughly 25% or more. However, as of the time of this writing, today’s lows for many altcoins were hit after dropping by more than 40%.

As it stands, the total cryptocurrency market capitalization has dropped by more than 20% in a single day.

The cryptocurrency market has experienced as bad a sell-off as they come, with only stablecoins remaining relatively unaffected. Source:

If the cryptocurrency market was extremely fearful yesterday, it will surely be even more so tomorrow morning, when alternative.me’s multifactorial crypto market sentiment analysis updates.

DeFi TVL drops $10 billion

The total value locked in decentralized finance has held up relatively well, some might argue, amid a somewhat historic cryptocurrency sell-off. The key metric has only dropped roughly $10 billion to its current $69 billion. Still, top projects have sustained double-digit percentage losses to their TVLs, with leading protocol Maker losing more than 18%.

Decentralized exchanges are seeing double-digit TVL losses across the board, with SushiSwap taking a slightly larger hit than rival Uniswap and first-place Curve Finance.

The total value locked in DeFi has fallen below $70 billion. Source:

Top Crypto Market gainers and losers: DMG surges 470%

  • DMG/USDT +470.98%
  • USDT +0.56%
  • USDK +0.51%
  • ZKS/USDT -36.96%
  • BTM/USDT -37.18%
  • CHAT/USDT -38.54%

There are no gains for non-stable coin altcoins today, with the exception of

, which is randomly up more than 400%.

DMG is up more than 470%. Source: OKEx

BTC technical analysis: Temporarily fell below 30,000 USDT

The price of BTC dropped significantly to prices below 30,000 USDT before wicking back up to above 37,000 USDT. With such a long lower wick on the four-hour time frame, one might be tempted to assume that the bottom is in — which very well may be the case. However, wise traders will be cautious about overextending themselves in either direction until the crypto markets leader settles down.

OKEx’s

4h chart — 5/19. Source: OKEx, TradingView

ETH technical analysis: 1,000 USDT lower wick shocks traders

The price of ETH is currently exhibiting a roughly-1,000 USDT wick — unheard of price action for the second-ranked cryptocurrency. It stands to reason that the bottom is in for ETH, but traders will still be cautious about their positioning going forward.

OKEx’s

4h chart — 5/19. Source: OKEx, TradingView