Public Sentiment Does Not Trust The Crypto Market As Gains Remain Skittish And Panic Driven

The market is still dripping blood and the total market capitalization is bleeding out. Yesterday’s small rally failed to sustain the market again and the volume is just falling.

The total market capitalization is once again reaching back to 2018 low and now at $211.4 Billion from yesterdays $214 Billion. The trading volume lost 2$ Billion on the day with $10.9 Billion this morning. As is the pattern when the market is about to go south, Bitcoin dominance is slowly coming back up at 52.6%.

It is actually quite odd for the altcoins to still be dropping considering that Bitcoin has been spending a lot of time in the $6400 level. Usually, times like these are when the altcoins consolidate. There has not been any major bad news which could have triggered the market performance. Could the negative market sentiment possibly be the driver for this lackluster performance?

The Bitcoin is still in the area of $6400 where it has been staying for the past couple of days. Currently, it is trading at $6432 and is at 0.25% gain. It tried reaching up today back to $6550 resistance. But as we have been seeing repeatedly these past weeks, it has been having a hard time breaking resistance. It reached $6549 before going back down and to a low of $6200 and back up to its current price. Resistance is still at $6550 before it can make a new upside move.

Ethereum, having a tough target to break at $300 and nearly reaching it, has been shot again and dropped -2.82% on the day. It is now back to $281, just a touch above its lowest level for the year. It’s a 6.46% loss for the week.

The Top 10 is almost all in the read except for XRP and Stellar which has only very marginal gains below 1%. EOS is the biggest fall today with -4.16%. It is back below the $5 level and now trading at $4.89 losing all the recent gains. Cardano, which had a pre-release sneak preview of their full product did not elicit any market reaction from followers and lost -3.63%.

The rest of the altcoins was not so different from the Top 10 with odd greens here and there. On the Top 25, VeChain is back to smoking at 5.83%. It is bouncing back after its drop this week and seems to be regaining the trust of its community. Lisk and Iota follow at 2.85% and 1.70% respectively. Both are still massively down from their all-time high this year. On the other end, Tezos has been dumping today at 13.50% after a pump yesterday. Its price is back down at $1.35. OmiseGo and NEO are also down by 4% today. The rest of the Top 25 is declining 1-3% at the time of writing.

Further down the Top 100, Golem has posted good gains at 7.01%. Chainlink is also on the healthy side of green this morning at 6.42%. TaTaTu which recently had a pump with a massive 269% rise in a week is adding 4.12% to its gains. Veritaseum, headlining yesterday as a market leader has dumped -12.41 %. KucoinShares and Bitcoin Private are also on a double-digit loss at 10%.

On the red end of the scale is Veritaseum dumping 14% with Bitcoin Private and Kucoin Shares not far behind. Cortex, which also pumped after a listing announcement and had a 70% massive growth is down -6.43%.

This post first appeared at CoinDNAPublic Sentiment Does Not Trust The Crypto Market As Gains Remain Skittish And Panic Driven

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