Cryptocurrency Market Update: No Recovery From Recent Rout
FOMO Moments
Markets are still flat showing no sign of recovery; Monero, Iota and Bitcoin Gold making small gains.
The weekend situation on crypto markets remains grim. There has been no recovery from an epic dump down to a new yearly low yesterday as total market capitalization is still around $140 billion.
Bitcoin has clawed back a couple of percent on the day to take it to $4,360 after dumping to a new low of $4,195 yesterday. The predictions are not pretty however and many expect BTC to drop to $3,000 in the coming months. Ethereum has made no recovery and is still at its lowest level for 18 months, trading at $125.
Altcoins are largely green today as they small gains from a huge loss over the week. In the top ten Monero is making the most headway as it adds 4% to take it to $66, Bitcoin Cash has also managed to pull 3% back on the day. The rest are up a percent or two aside from XRP which hasn’t moved.
There are a couple of movers in the top twenty right now, Iota is adding 6% but it is still at a very low level of $0.322. Bitcoin Gold has made it to $20 with an 8% gain on the day and Neo has made almost 5% back. These gains are very insignificant however as most altcoins have lost as much as 40% over the past week or so.
There are only three cryptos with double digit gains in the top one hundred during the Asian trading session this morning. Revain is getting some fomo with a 19% pump, Bitcoin Diamond and Nexo are also performing well at the moment with 16 and 12 percent gains respectively. At the messy end of things is ODEM dumping 15% on the day.
At the time of writing total crypto market capitalization was $140 billion which has climbed 1.5% since its all-time low for the year of $136 billion yesterday. Over $40 billion has been lost since last weekend resulting in a 23% market slide. On the month markets have shrunk by a third as $70 billion has left the space.
Bitcoin’s dominance is creeping up towards 54% as all of the altcoins keep bleeding. Further losses look likely as Bitcoin finds its bottom, the crypto winter is far from over.
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.
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by Martin Young on November 24, 2018 at 03:30PM