Crypto Markets at Monthly High, When Will They Breakout?
Crypto markets have crept back to monthly high; majors flat but Ontology, Tezos and Ravencoin ripping.
Crypto markets have been slowly gathering momentum with some larger gains for some of the altcoins. The steady progress has pushed total market capitalization back over $140 billion again as a big move appears to be looming.
Bitcoin remains firmly planted at its long term resistance level. BTC is currently trading at its highest level for the week at $4,080, gaining just over a percent on the day. Daily volume is back over $10 billion again and this is a crucial point for the daddy of crypto, a break above from here could lead to a massive market wide surge, at least in the short term.
Ethereum has also slowly crept back up over the past 24 hours and is now back over $140. Vitalik Buterin’s long awaited Ethereum 2.0 update has revealed a raft of improvements for the future of the platform. Price action at the moment remains sluggish but when it moves again ETH is likely to pump quickly. XRP has done very little again and remains $1.5 billion adrift in terms of market cap.
The rest of the top ten has remained relatively static during today’s Asian trading session. Litecoin has held on to $60 but Stellar has dropped back below Binance Coin. There has been little movement in any of the other high cap altcoins in this segment.
The top twenty is a different story at the moment with Ontology having an epic pump of 23% as it flips NEO, Ethereum Classic and NEM and takes 17th spot with a market cap of $670 million. There does not appear to be any fundamentals driving the momentum, at least according to the official ONT twitter feed and Reddit channel. Other altcoins in this section gaining 2-3 percent include Cardano, Monero, Dash and NEM.
FOMO: Ravencoin Flying Again
Today’s big pump is Ravencoin which has surged 33% before pulling back a little to $0.420. Daily RVN volume has doubled from $30 to $60 million with Binance taking over 40% of the trade. Winning an ADVFN International Financial Award appears to have driven the fomo for RVN;
Congrats to @ravencoin on winning “Most Exciting New Coin” , ADVFN International Financial Awards 2019
Other award winners were @Coinbase, @CoinDesk, @Bloomberg, @Binance, @Bittrex, @vanguard & many more!$RVN #ravencoin pic.twitter.com/W3R1KXgRNc
— STARDOGmining (@GARY_J_poker) March 20, 2019
Huobi Token and Tezos are both up over 15% on the day and along with Ontology the lower cap altcoins appear to be driving general market momentum at the moment. There are no big dumps going on right now but Insight Chain and Crypto.com Chain have both dropped 7% at the time of writing.
Total market capitalization is up $2 billion in 24 hours, taking it to $141 billion and a gain of 1.4%. Daily volume has also built to $33 billion and markets are at their highest levels for almost a month. Bitcoin dominance remains low at 50.8% as it struggles to break resistance.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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