Cryptocurrency market update: Bitcoin crashes below $8,000, altcoins follow the suit

The cryptocurrency market swiftly changed its color at the beginning of the Asian session on Monday. Bitcoin and all major altcoins with a notable exception of Cosmos are deep in red, losing from 3% to 12% on a day-on-day basis. The market shed over $20 billion in a matter of hours as the total capitalization of all digital assets in circulation collapsed to at  $256 billion from $276 billion registered about this time on Monday. An average daily trading volume increased to $81 billion.

Top-3 coins price overview

• At the time of writing, BTC/USD is hovering below $8,000, nursing over 7% of losses on a day-on-day basis.  The most important digital asset touched $7,717 during early Asian hours, which is the lowest level since May 23.
• Ethereum, the second largest digital asset with the current market capitalization of $26.5 billion, is also in a tailspin on Tuesday. The coin dropped as low as $237 in Asia and recovered to $247.70 by press time.
• Ripple's XRP has lost about 6% in recent 24 hours to trade at $0.4140 at the time of writing, off the intraday low of $0.3949.

The biggest market-movers

• EOS is the biggest loser of the day. The coin has lost nearly 12% in recent 24 hours to trade at $6.73 at the time of writing.
• Cosmos is the only growing digital asset out of top-20. The coin managed to gain nearly 8% in recent 24 hours. The coin is changing hands at $6.73 and takes the 15th place in the global cryptocurrency rating compiled by CoinMarketCap.