Yesterday’s crypto market recovery has hit a squall and the momentum seems to have died down overnight. Most major currencies recorded a flat growth and the markets seem to be struggling to level out the playing field. The overall market capitalization has grown but only by a tiny bit at $207.2 Billion from yesterday’s $205 Billion. The trade volume is at a steady pace at $13.3 Billion.
Where is the market heading? It’s still a bears court and the market is still nervous of any sudden movement. As we are nearing the weekends again, it is important that Bitcoin lead the recovery in a decisive price movement soon. As it is, the trend is still downwards and the recovery is very weak.
Bitcoin dominance continues to fly although, lower today at 53.4%. The representative coin managed to reach $6600 this morning in the Asian Markets but was not able to maintain this level and it made a correction back to $6400. It has made a marginal growth at 0.29% with $4.5 Billion trade volume. Currently, it is trading at $6425.
As we have mentioned yesterday, the bulls need to conquer and maintain $6800 in order to see a real and substantial recovery. The bulls should be able to make a higher low and a higher high in order to consolidate its gains and momentum.
Ethereum pushed back to $300 before correcting at $295. It is making good progress and is pulling away from its 2018 low at $253. It has printed 2.82% gain on the day and is likely to hit the $300 -$308 resistance again soon. Weekly losses are still close to 30 percent and monthly ones approaching 33 percent.
Among the Top 10, Bitcoin Cash has shown the highest gain at 2.83%. Though looking at its medium-term trend, it is still on a downtrend. Currently, it is trading at $529 and has several levels to go before it hits the major support level at $600 which should signal a real recovery. Monero, which has snatched the 10th place in the market capitalization, is not far behind at 2.58%. The rest of the Top 10 is huddling between 1-2% growth except Stellar which has stalled today after a week of uptrend. Currently, XLM is trading at $0.215, down 4.96%. Despite this, XLM is still up by 4% for the past week.
For the Top 20, VeChain is having a pump right now and flying at 30.68%. It remains to be seen though if this is not just a pump and dump today. Ethereum Classic is also having its day after Coinbase confirms its listing. It has now posted 17.05% growth on the day. The rest are still flat and has no big movements. NEO had a big movement earlier but fell down to trading at $16.63.
Among the Top 100, there were a few who made solid gains for the day. We have double-digit gainers such as Funfair (16.83%), Ontology (16.05%), Metaverse ETP (15.78%), and Lisk (15.39%). Elastos, Populous, Dentacoin, and Nano finish up our list of double-digit gainers. Investors seem to be enjoying the day snapping up these coins bargain prices today. Aurora, TenX, Holo, and Pundi X are on the losing side today and losing 7-8% on the day.
This post first appeared at CoinDNA – Crypto Market Struggling To Maintain Momentum, VeChain Back Up and Pumping
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