Market Wrap
Crypto markets continue consolidating; Litecoin back in fourth, BNB, XLM and NEM moving, Maker falls back.
Movements have been minimal on crypto markets as we round out another week. The good news is that gains made this time last week have held for now but signs of further upward motion have not materialized. Total market capitalization has remained over $120 billion as the consolidation continues.
Bitcoin is range bound in a very tight channel at the moment between $3,600 and $3,650. It has not changed in price since the same time yesterday but has consolidated above support levels so could move higher in the short term.
Ethereum is still flat at $123 with zero movement over the past few days. Momentum is expected as Constantinople draws closer next week. XRP is holding $0.30 and also range bound, the gap between the two remains at $300 million.
There is not much to report in the top ten during the day’s Asian trading session. Litecoin has re-flipped EOS and taken fourth place back with a 2.5% gain to $43, though the gap between them is negligible. Binance Coin is yet again the top mover here with 4% added and a rare blip by Stellar has sent XLM up 2.5% on the day – the gap between the two is now only $200 million.
NEM has made the biggest move in the top twenty with 5% as the organization restructures and moves forward with the project. Very little else is going on and a few such as Monero, Maker, and Zcash are falling back 3% or so.
Crypto.com’s MCO token its getting today’s fomo spike with a 26% jump as Singaporean crypto credit cards gather steam. Tezos is also having a good Friday with 8% added on the day. At the red end of the top one hundred is MOAC dumping 10% and yesterday’s pumped Komodo dropping 7%.
Total market capitalization dipped back to $119 billion but has recovered to the same level as yesterday, $120 billion. The sideways motion continues and there is very little going on with markets at the moment. Gains made in last Friday’s big pump have held for the week leaving markets at the same place they were this time last month.
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