Crypto Market Wrap: More Pain as Markets March Downwards
Market Wrap
More pain for crypto markets today, Ethereum and BCH in trouble, Stellar sliding, only Waves making moves.
Following yesterday’s $7 billion crypto market dump things stabilized for a while but have just started to head south again accelerating losses. Total market capitalization has shrunk again in the past couple of hours as another $3 billion goes out of the digital door.
The likelihood of Bitcoin breaking its new resistance level at $3,500 was slim at best. It formed a new channel at $3,460 for a few hours before dropping below that in another slide which has taken 2% off the value of BTC as it heads towards $3,400. Volume has increased to $6.5 billion has the outflow accelerates.
Ethereum has dumped another 4% taking it below $105 as double digit ETH looms closer. Ethereum is currently at its lowest price this year and does not look like recovering much soon. XRP having only lost 3% has extended its lead in second place to over $1 billion in market cap.
Tether has surged up the top ten to take fourth place with a $2 billion cap in a twisted testament to how much the rest of the altcoins are bleeding out. EOS and Bitcoin Cash have both dumped another 4%, and Stellar has slid way down with a further 7% lost on the day. Litecoin and Tron are only 3% down at the time of writing.
Binance Coin and Nem are the biggest losers in the top twenty during the Asian trading session dumping 7 to 8 percent. Waves is on a flyer with a 10% pump taking it into the top twenty as it flips Maker and Zcash. A Vostok token airdrop to Waves holders appears to be driving momentum, the rest are sliding back.
MobileGo is getting some fomo also with a 20% pump on the day, and Waves is second best performer in the top one hundred. Double digit dumps are going on with Factom and Mixin right now as both lose 10% in 24 hours.
Total market capitalization has slide back below $112 billion. A further $3 billion has left the space resulting in a market contraction of 2.6%. Since the weekend over $8 billion has been dumped as another big downswing has initiated. All indicators are pointing to further losses for Bitcoin over the coming months which results in double the pain for the rest of the crypto assets.
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.
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by Martin Young on January 29, 2019 at 12:30PM