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

• BTC/USD experienced a sharp sell-off during early Asian hours.
• Cosmos is a big winner; it is the only coin that is growing strongly in Asia.
• EOS is under severe downside pressure, the biggest loser of the day.

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.