Cryptocurrency Market Update: Weekend Gains Turn into Monday Losses
Crypto land is in limbo this Monday morning; few altcoins are gaining, Tezos, Digibyte and Mixin among them.
The weekend momentum has come to a halt on Monday and markets have pulled back a little. Total market capitalization could not break over the $280 billion barrier and has fallen back.
Bitcoin found resistance at $6,800 and has remained just under it at $6,780. The lack of bullish action has pulled most of the other cryptocurrencies back into the red again. Ethereum has pulled back 1.5% in the past 24 hours to trade at $485. Most of the altcoins are in the red at the moment and have lost gains made over the weekend.
EOS currently has the biggest decline in the top ten, falling by 4.5% on the day to $8.60. This puts it back at a similar level to the same time last Monday, trade volume over the past day has remained at around $500 million. Stellar and Monero are showing minor gains of between 1-2% but nothing significant.
In the top twenty VeChain is the biggest loser with a 4.8% fall on the day to $2.48. Just outside it OmiseGO and Ontology have both lost between 5-6% wiping out all gains over the past 48 hours.
Tezos once again has continued to climb and according to Coinmarketcap has gained for the third day in a row, today by 2.8%. Currently trading at $2.21 XTZ is marginally up from $2.13 this time yesterday. A similar gain can be measured against Bitcoin, 3.5% to 32900 satoshis.
To find another altcoin in the green we have to go further down the list to 33rd spot where DigiByte can be found trading 10% higher. DGB is currently at $0.042, up from a low of $0.036 yesterday. Only Mixin and Monaco are showing double digit gains at the time of writing. Bitcoin Diamond is suffering the most with a 24% fall on the day.
Total crypto market capitalization has shrunk by 1.3% on the day to $273 billion. Daily trade volume has fallen from $12 to $11 billion indicating a slowdown in momentum. The next direction is hard to predict as neither bears or bulls are getting the upper hand at the moment.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.
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