Market Wrap
Crypto markets take a breath after recent dump; Bitcoin Cash and SV recovering, Tron dumping recent gains.
Crypto markets are still battered and bruised as we enter the weekend. There has been no sign of a recovery following the $16 billion rout over the past day or two. Total market cap is still a touch over $120 billion so the sideways channel has remained intact.
Following its 10% dump yesterday Bitcoin hit an intraday high of just over$3,700 before retreating back to the $3,670 level where it has remained for the past few hours. BTC is currently holding above the $3,600 support zone which is crucial if it is to prevent further losses.
Ethereum has not managed to reclaim its second place from XRP and is still below $130. The imminent Constantinople upgrade to the network is no longer a fundamental factor in the performance of ETH. As it has done since its inception it has been dragged down by Bitcoin again. XRP has made marginal gains on the day which has enabled it to increase the market cap gap to $300 million.The top ten is a mixed bunch this Saturday, Bitcoin Cash and its brother SV have made the biggest gains of 5 and 10 percent respectively. Nothing else is moving much aside from Tron which is rapidly losing all recent gains as it falls another 9% today.
The top twenty is mostly green at the time of writing during the day’s Asian trading session. Binance Coin, Nem and Ethereum Classic are leading the recovery with 2 – 3 percent gains on the day. Zcash is still falling back and is now just above $55, Monero is also sliding down the market cap chart as it falls to $45. The two altcoins getting today’s fomo are Chainlink and Hypercash both up over 20% at the time of writing. From being the best performing altcoin in the top one hundred yesterday, Tron is the worst performer today with its 9% dump. Aurora is also having a bad day with a further 8% lost.
Total crypto market cap seems to have found a stable level around $123 billion following its epic crash yesterday. There has been little movement since the big dump as markets find a new level. Daily volume has dropped back to $16 billion and the range bound channel has remained intact above $120 billion. Bitcoin’s dominance has crept up a percent to 52.3% as it still dictates movements across the entire market.
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.
