Market Wrap
Crypto markets have stabilized and there is little action; Binance Coin and Dash are still heading up, Bytecoin is dumping.
The big crypto market pump on Friday and Saturday ran out of steam yesterday and things have been pretty static ever since. Total market capitalization has stabilized at this new level above $120 billion for now and a new direction has yet to be formed.
Bitcoin spiked a couple of hours ago to hit resistance at $3,700 before bouncing right back off of it. BTC has pulled back to where it has traded for much of the past 24 hours, $3,650. Daily volume is slightly higher at $6.4 billion but things are holding steady at this level for now.
Ethereum is still gaining slowly and has finally surpassed XRP to take second place. ETH hit an intraday high of $125 before falling back to $120 where it currently trades, still up a percent or so on the day. XRP conversely has fallen back 1.5% dropping to $0.305 and shedding market cap enabling the ETH flip. The two are still very close though with the current gap at just over $100 million.
There has been little movement in the top ten over the past 24 hours. Binance Coin continues to strengthen and has added a further 3% on the day taking BNB to $9.40. It is now less than $200 million away from Stellar in ninth which keeps sliding. Litecoin has remained strong and is currently just over $44 and clear of EOS in fifth.
Dash is the top performer in the top twenty at the time of writing with 6% to $78 on the release of Dash Core v0.13.1. Maker has flipped both Ethereum Classic and NEM as it takes 17th place and Waves is about to enter the top twenty with a 4.5% gain. Monero and IOTA are both falling back a couple of percent.
Ark is getting the fomo treatment at the moment as it pumps 26% as the team updated their mobile wallet adding dynamic fees. Ark is the only altcoin in double digit gains at the moment. There are no big dumps going on during the day’s Asian trading session but those at the red end of the top one hundred include Bytecoin and Chainlink.
Total crypto market capitalization has remained above $120 billion since late Friday’s $10 billion cash injection. Very little has occurred over the past 24 hours however volume has increased to over $20 billion indicating another move could be coming soon. Bitcoin dominance is just below 53% at the moment as markets stabilize once again.
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