Crypto markets remain range bound; Binance Coin and Bitcoin SV lifting off, ETH grinding up.
Market Wrap
Crypto markets are still flat today as the consolidation continues. There has been very little movement on most of the majors however one or two lower cap crypto assets have lifted off. Total market capitalization as a result has remained around the $250 billion level for another day.
Bitcoin has remained within a $200 channel for the past 24 hours topping out at $8,050 a few hours ago. Since then it has dropped back below $8k and is currently trading at the same place it was this time yesterday at $7,940. Analysts are still bullish, however, and a larger upside movement has been predicted by many.
Ethereum continues to crank slowly higher adding another 3 percent today as it approaches $260. With recent record trading volumes and solid fundamentals ETH could push to $300 quite easily in the coming weeks.
The top ten is all in the green during today’s Asian trading session. Binance Coin continues to surge adding another 10 percent today to reach a new all-time high just above $32. This mysterious tweet yesterday appears to have ignited a wave of fomo for the exchange based token;
— Binance (@binance) May 21, 2019
The rest in this section are still consolidating and have not moved much over the past 48 hours.
The top twenty is a little mixed but today’s clear champion is Bitcoin SV which has spiked an epic 80 percent since yesterday. With volume surging tenfold to over $1 billion BSV doubled to $140 before pulling back to $110 where it currently trades. Craig Wright’s successful granting of US copyright registration for the Bitcoin whitepaper has sent his version of Bitcoin to the moon.
Tron, IOTA and NEO have made a couple of percent each, Monero has dropped a couple and the rest are still immobile.
FOMO: DigiByte Spikes
Aside from BSV which is clearly the top performer today, DGB is doing well with a 20 percent pump. A protocol update announcement of DigiByte Core appears to have driven momentum. Zilliqa is also one of today’s big performers with a 17 percent surge and Bitcoin Gold is doing well with a similar gain.
Two of the recently pumped altcoins are getting dumped today and are likely to drop out of the top one hundred as a result. SOLVE and NEXT are both shedding over 10 percent on the day.
Total market capitalization is up marginally on the day and is currently back at $250 billion. A third of the $3 billion gained over the past day has been BSV alone as fomo grips crypto traders. Over the past seven days, however, markets have been sideways as Bitcoin remains at resistance at $8k.
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.
