Market Wrap
Crypto markets have edged back a fraction, Bitcoin Cash makes a move, Maker and Waves climbing but little action elsewhere.
Crypto markets have woken up a little mid-week but gains are very slim and momentum has been limited. A tiny bounce has taken total market capitalization back over $120 billion but only just.
After a dump to $3,540 Bitcoin regained its strength and pushed back towards its support turned resistance level at $3,600. The move reflects just a 1% gain on the day and BTC has remained here for the time being as daily volume creeps back over $5 billion.
Ethereum has made 1.5% but it is still extremely weak trading below $120. The gap to XRP in second has fallen again and is now around $500 million as the Ripple token fails to register any gains today.
The top ten is all green during the Asian trading session with one altcoin leading the charge. Bitcoin Cash has made 7% on the day pushing its price back to $130. There doesn’t seem to be much driving momentum aside from seriously low prices for BCH. EOS is the second best performer in the top ten with a 4% gain, and Litecoin has made 2.5%. The rest are up a fraction keeping them in their positions for now.
Maker and Dash are leading the gains in the top twenty but they too are not very impressive with just 4.5 percent made each. The rest of the altcoins here have clawed back just 1 – 2 percent at the time of writing.
Some big fomo is going on with Loopring at the moment which has pumped 45% on the day. Ravencoin and Waves are also performing well in the top one hundred with gains of around 15% over the past 24 hours. Today’s dump is the wildly erratic Buggyra Coin wiping out most of yesterday’s gains as it loses 33%. Aurora is also having a bad day with a slide of almost 20% at the moment.
Total market capitalization has inched up just a percent over the past 24 hours taking it above $120 billion again. Gains are minimal and most cryptocurrencies are still looking extremely weak. The past seven days have been flat aside from a Saturday pump of $5 billion which predictably dumped again by Sunday evening. Since the same time last month crypto markets have lost 10% and are still firmly on the bottom.
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.