Crypto markets falling back again, Tron staying put but Ethereum , BCH and Iota sliding again.
The tedium continues as crypto markets pull back again today in a slow downward slide. Total market capitalization has dropped back below $120 billion, and with no signs of bullish momentum further losses look likely.
bitcoin bounced off resistance at $3,600 a few hours ago and dropped back a fraction to $3,570 where it currently trades. Daily volume has remained over $5 billion but there are no signs of any form of recovery which only means one thing; the bears are still in control of bitcoin.
Ethereum is even weaker today with a 2% slide to $116. From a seven day high on Saturday ETH has dumped 7% and looks to test support at $114. XRP remains $700 million ahead of ETH in terms of market cap as it only drops one percent on the day.
The top ten is all red aside from which has managed a small gain of 1.5%. Big airdrop momentum is likely to keep TRX buoyed up for a week or so. bitcoin Cash is losing and the rest are sinking back a percent or two during today’s Asian trading session.
A similar pattern is playing out in the top twenty as it too is completely red at the time of writing. Iota has dumped the most losing 4% which has enabled Binance Coin to flip it and take twelfth spot with a market cap of $837 million. Dash and Ethereum Classic have shed 2% each and the rest are flat or falling marginally.
Holo is pumping again with a 37% fomo induced surge today. DigixDAO is the only other altcoin in green double digits at the time of writing as DGD adds 12%. Very few other cryptocurrencies are making any significant gains today. Mixin and Loopring are dumping 18% each at the moment, TenX is not far behind with a 15% loss on the day.
Total market capitalization is back at $119 billion after losing over a percent on the day. Things were equally inactive this time last Thursday and there has been little movement all week. Since the post-Christmas dump markets have been range bound between $120 and $135 billion but they appear about to fall through the bottom of that channel at the moment.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Published at Thu, 24 Jan 2019 07:00:38 +0000
