Cryptocurrency Market Update: Tron Pumps Again on ‘Industry Giant’ Partnership Teaser

FOMO Moments

Markets are still low this weekend; Tron gripped by fomo, XRP also recovering.

Crypto markets are still very depressed as we enter the weekend. There has been no recovery from the mid-week dump which resulted in the loss of $20 billion from digital currencies. Total market capitalization is hovering just above $200 billion at the time of writing and remains close to its lowest level for a year.

Bitcoin bulls are still sleeping this Saturday as BTC remains at $6,280 showing zero movement over the past day. Ethereum has gained a little but is also extremely weak trading at just below $200 in Asia this morning.

Altcoins are predominantly green at the moment but this is no surprise considering the huge dump they all made over the past few days. The top ten shows XRP making the biggest recovery right now, adding 7% back to its value and trading at $0.419. Litecoin is second with a 5% rise to take it back to $54. The rest are making around 2-4 percent at the time of writing.

The top twenty is seeing more movement with Tron trading double digits higher today adding 11% to bring TRX prices up to $0.0235. Tron has regained all losses in the recent dump and is back to its last weekend level. Justin Sun’s marketing machine keeps pumping out those fomo inducing tweets which are currently driving momentum;

Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name #TRON #TRX $TRX

— Justin Sun (@justinsuntron) October 12, 2018

The Reddit feed has gone wild with speculation as to who this new ‘industry giant’ partner could be but as has been the case before it could be another overreaction. As in the top ten, most other altcoins in this section are trading between 2 and 4 percent higher on the day, making a small recovery from their big drops.

There are a couple of obscure pumps as usual this morning in the top one hundred with Digitex Futures entering the chart with a 27% pump. Augur is also making 15% on the day to climb over $13 once again. At the messy end of things is Dropil dropping just over 7% over the past 24 hours.

Total crypto market capitalization has clawed back 1.5% since the same time yesterday. This has increased market cap to $202 billion which is still over 8% lower than this time last weekend. Bitcoin dominance remains a little higher at almost 54% despite its lack of movement today.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Tron Pumps Again on ‘Industry Giant’ Partnership Teaser appeared first on NewsBTC.

by Martin Young on October 13, 2018 at 08:00AM