Crypto Trading Update: Another Pullback Paints Markets Red
Crypto markets retreat after yesterday’s gains; Bitcoin Cash sliding back, Ethereum holding ground.
Another day, another pullback. Yesterday’s big $10 billion pump could not be sustained and markets have retreated again this Sunday. Total capitalization has sunk back below $130 billion as crypto assets fail to maintain momentum over the weekend.
Bitcoin hit an intraday high of $3,960 twice but could not break resistance there. A few hours ago a reverse of yesterday’s $200 spike happened and BTC dumped almost 4% in an hour. BTC was back at just over $3,800 where it appears to have found temporary support at the time of writing.
Ethereum has managed to hold on to its recent gains and is still trading at around $135. This has enabled ETH to close the gap on XRP which has lost 3% on the day. There is now less than a billion dollars market cap between second and third places and another flippening could be around the corner.
All of the altcoins in the top ten are in the red with Bitcoin Cash taking the brunt of things as usual. Down another 5% BCH has fallen back to $160, while BSV is 3% down at just below $90. The rest have lost a couple of a percent as yesterday’s gains get eroded again.
More red swathes the top twenty during today’s Asian trading session. Maker is close to dropping further down the chart with a 5% slide, while Iota, Dash and Zcash are losing over 3% as markets correct again. The rest are down marginally from yesterday’s levels.
The fomo train has stopped at the PIVX station today where a 40% pump is occurring to take it over a dollar. DigixDAO and Zcoin are also among the few making reasonable gains today with 8% each at the time of writing. ODEM is in the digital hurt locker being the only altcoins dropping double digits right now.
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Total crypto market capitalization is back to $129 billion after losing just over 2% on the day. One single swift dump a few hours ago has caused it. Daily volume has also fallen back to $16 billion as markets cool off again in their repeating cycles. Since last Sunday crypto markets have lost almost 4% but over the month they are at the same level.
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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