After a dip yesterday due to investor’s panic over US SECs new round of rejection for Bitcoin ETF, the market is back to a nominal green and is becoming stable. The total market capitalization is back above $210 Billion after a precipitous drop to $207 Billion yesterday. We still have a long way to recover back to May levels in terms of capitalization. The trade volume is still at a low $10 Billion. The Bitcoin dominance is at 53.3%
Meanwhile, Bitcoin (BTC) is back to $6500 level and about to break the $6600 resistance. This Friday, it has gained back 1.64% of its value after staying for several days in the $6400 area. Bitcoin may drop lower seeing as we are nearing the low volume weekends and the support is at $6400. Despite the persistent bear market, Bitcoin is still the strongest digital currency today if compared to the altcoins which are down within a range of 70 -90%. On the bright side, if it goes further up, the price action may take it to the $6700 level in the near term.
The Ethereum (ETH), second largest cryptocurrency in terms of market cap is still getting pummeled by the bears. Yesterday, it traded as low as $260 before it went higher at $275. The only good thing we have for it today is that it has not dropped further and is still on the same level as it was yesterday. It is currently trading at $275 with 0.84% gains. ETH is affected by the flight of ICO money based on its platform as it moves to defend its holdings. 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.
The Top 10 coins are still decidedly stagnant even if they’re in the green. EOS is leading the greens with 3.30% gains on the day and trading at $4.92. EOS has not been making any big moves and is still behind from its May prices. Stellar and Cardano are both at 2% gains today and the rest are between 1-2%. Cardano, currently trading at 0.09 is down by 90% since its all-time high at $1.33.
The Top 25 has Lisk getting traction at 15.87% and trading at $4.66. Lisk is currently preparing for its mainnet launch and is getting a big boost from investors excitement on the project. At this time last Friday, Lisk was trading at $3.98, making 17% gains on the week. 0x, OmiseGO, and Tron follows at 5-8% gains today. TRON, selling at $0.02 is on a severely discounted price from its original $0.3 in January.
For our Top 100, the board is generally green and moving forward. There are a couple of tokens pumping such as THETA, which pushed to 45.45% today. Gas is happily back in the Top 100 capitalization at 27.42% gains. CyberMiles (CMT) has added 22.55% to its coffers. The rest on our double-digit gainers above 10% are Aion, Bitcoin Private, ICON, Emercoin, PIVX, and Nano. RChain and Aurora complete the picture on the losing side above 5% on the day.
This article was first posted at CoinDNA – Crypto Market Stabilizes Above $210 Billion, Theta Token, Gas, and CMT Feeding Off The Greens
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