Crypto Market Wrap: Another Day Another Pullback
Market Wrap
Crypto markets pulling back again; Ethereum, Bitcoin Cash and Cardano sliding, Tron going strong.
A predictable pump and dump cycle appears to be forming in consolidating crypto markets. After Monday’s pump comes Tuesday’s dump as total market capitalization retreats back below $135 billion and recent gains are wiped out again.
Bitcoin is a shade under $4,000 as it drops 1.7% on the day and trade volume falls back below $5 billion. An intraday high of $4,080 was made before it hit resistance once again and fell back to a level it appears to be holding for now. Since last Tuesday BTC is still up 7%.
Ethereum is also pulling back though heavier losses of 5% have dropped it below $150 again. On the week ETH is still up 10% but the steam appears to be running out of the rally and the gap to XRP in third is getting smaller again.
The top ten altcoins are all in the red aside from one. Tron has made over 3.5% at the time of writing and has flipped Bitcoin SV for ninth spot with a market cap of just below $1.6 billion. Stellar has remained static which has allowed it to take sixth back from Litecoin which has lost 1.5%. The rest are down 2 – 4 percent with Bitcoin Cash dumping the most again at over 5%.
The top twenty is a deeper shade of red as losses accumulate. Following the 51% attack Ethereum Classic dumped almost 8% back below $5. Cardano and Maker are also getting hit with losses of over 6% during the day’s Asian trading session. Aside from Monero and Binance Coin, the rest are down 3 – 5 percent on the day.
The fomo of the day is still going to REPO which is the only coin in the top one hundred making double digits at 15%. Steem is making moves also with a 6% gain on the day. There are no big dumps occurring at the moment but the worst performing altcoins are Waves, Waltonchain and Aurora all dropping over 8%.
Total crypto market capitalization has slid a couple of percent back to $134 billion as daily volume drops back below $15 billion. Around $3 billion of yesterday’s $7 billion pump has been lost today. The range bound channel is still intact though on the week markets are up 6%. A breakout is going to be a while coming yet and things may remain this way for some time.
FOMO Moments 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.
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by Martin Young on January 08, 2019 at 02:30PM