The crypto market growth yesterday and flowing into the weekends have proven stronger even as it made little growth for the overall market capitalization. The entire market is in the green except for a few tokens who were not able to take advantage of the Bitcoin climb earlier.
Currently, the total market capitalization stands at $216 Billion and the trading volume is still consistently at $11 Billion. This means that about $5 Billion was added to the total market capitalization – small enough for a regular day but sizable for a weekend trading. The market had a boost on the Asian Markets this morning but it remains to be seen if we can continue the progress throughout the day.
Bitcoin dominance is consistently climbing and now at 53.6%, almost close to its all-time high this year when Bitcoin went as low as $5800. The representative coin is back to its price before the Bitcoin ETF rejection by the SEC and has gotten back 2.62% of its gains. Currently, it is trading at $6697. Yesterday, we said that Bitcoin needs to cross $6700 level before it can begin to have any real recovery above $7000. On the week, it has made 3% and there is hope on technical analysis for more upside movement in the near term.
Ethereum is still the sacrificial goat and is barely moving at $278. This is the third day that it has been on the $270 level. There’s not been any decent change and as we said yesterday, this coin needs to move up and battle resistance above $280 level before it can see a decent move upwards and perhaps finally recover above $300. On the downside, the price could drop back to $260.
Among the Top 10, we are seeing a stagnating market as it gets defeated by the Bitcoin dominance. A repeat of yesterday’s performance is the average and nominal growth of the coins with the largest market capitalization. Monero is the only one with big enough gains at 3.65%. Then again, Monero has been pummeled by the bears especially, and this growth is hardly touching its monthly loss. Litecoin, despite some controversies going around social media today about its lack of development since April, is up at 1.40%. Cardano follows with 1.30%. The rest are stuck at less than 1% gains.
The Top 25 has Lisk back today on the top performers with 12.68% gains. Nano follows with 9% gain on the day and trading at $2.52. Zcash, Binance Coin, and IOTA are far behind with 3-4% gains. The rest are still not having enough momentum to push for better gains.
Further down the list on the Top 100, most everyone is also on the green with Dentacoin leading the pack at a 31.25% growth. QASH is also pumping at 24.45% followed by Wanchain at 23.69%. Substratum is showing up on the top pumps today at 20.12%. Bytom, AION, and ARK complete our double-digit performers between 13-18%. Bitcoin Diamond, which has pumped yesterday is now down by -9.79%.
Overall, there is will be a big struggle today to maintain the greens at the current trading volumes. There is no sizable depth on the market orders and perhaps may flatline this weekend. Depending on what side of the coin you’re cheering on, that might be good for the altcoins. We have a long way before the market can regain real bullish action but as for now, stable is good enough.
This article first appeared at CoinDNA – Bitcoin Run Up To $6700, Altcoins Benefiting But Ethereum Still On the Ground
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