Cardano, Bytecoin, Nem Hit. Steem & Syscoin Trade High

BTC Wires– Coming in hot from the crypto market, it seems that Cardano, ByteCoin and Nem has taken a huge hit. Among these, Cardano which featured in the top ten, has taken the biggest beatdown and is falling 9.5% back to $0.148. Nem isn’t doing too well either, as it is down by 8% along with OmiseGO and Icon. Bytecoin is currently at 25th spot and it has dropped 15% in the last 24 hours. Other cryptos like Bitcoin Cash and Iota are both down over 6% on the day.

The rally did not last long and a pullback has occurred and as of now, the market cap has dropped back below $270 billion and is in a precarious position with the possibility of falling further due to diminishing confidence.

There’s a situation going on with Steem at the moment which is hopeful for the investors. It is currently the only altcoin in the top 40 showing signs of a gain during the morning’s Asian trading session. Steem is up 7.6% to $1.82. It is the only green coin at the moment. The blockchain of Steem was recently looked into and this enabled the team to re-initiate transactions after a minor halt.

Steem is benefiting greatly from South Koreans at the moment since Bithumb and Upbit are taking almost 55% of the total trade in KRW. The trade volume jump has been from $8.8 million to $10.8 million while other cryptos around it keep falling. Steem’s current market cap of $480 million is ranking it at 30th.

Syscoin has halted transactions since it suffered an attack. Reportedly more than one billion Syscoin was mined from a single block but the cryptocurrency’s total potential supply is set at 888 million. The company is looking into it and has currently requested all exchanges to suspend any trading of their tokens for the time being. Syscoin is currently pumping 46% on its blockchain exploits.

$10 billion is leaving the market which has resulted in the total crypto market capitalization dropping back 4%. Current levels are around $264 billion and move is looking bearish. Trade volume has remained stable at $15 billion.