Market Wrap
Crypto markets level out after two days of dumping, EOS, Tron, Cardano regaining, Stellar still sliding.
The crypto market free fall that started on Monday has slowed up mid-week. That is not to say that further declines are not around the corner, in fact quite the opposite, another dump is expected on Friday. Total crypto market capitalization is still very low, below $114 billion.
Bitcoin is struggling to overcome new resistance levels that strengthen every time it falls. The current is at $3,500 and the closest BTC has been to it over the past 24 hours is $3,470. It fell to $3,400 before recovering about a percent to its current level.
Ethereum has dragged itself back over $105 but is still very weak and likely to dump below $100 within the next few days. XRP has not made any gains on the day which has reduced the gap between second and third to $900 million.
A couple of altcoins in the top ten have recovered a little during the day’s Asian trading session. EOS has taken fourth back from Tether with a 3% gain, but only just. Tron is the top performer with over 4% as it pulls away from Stellar which is still falling back. The rest have made around 1 – 2 percent at the time of writing.
The only two altcoins making progress in the top twenty are Cardano with a rare 3.5% gain and Waves, building on yesterday’s pump with an additional 4.5% gained today. None of the rest of the coins in this section have made more than 2% at the time of writing.
Today’s fomo pump is going to MobileGo once again as it adds 18% on the day. IOST is the only other altcoins making double figures with a pump of 11% at the moment. Two coins getting dumped are the two that often get pumped unsurprisingly; Aurora has dropped 22% while Holo is dumping 11% on the day. Revain, is also having a messy morning losing 10%.
Total market capitalization has gained a marginal 1.8% on the day taking it up to $113 billion. Since the same time last Wednesday $8 billion has been dumped or almost 7%. The losses are doubled since last month as markets wipe out all of their gains this year and look set to return to mid-December lows.
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.