This week in the crypto markets were not as frenzied and violent, unlike the past weeks. The volatility and gut-churning swings were not observed as much on the Top 10. And depending on who you ask, the market is either recuperating or stagnant. Today is not that different and the entire market was not as volatile.
The market capitalization today is at $214 Billion, a mear $4 Billion gain from $210 Billion at the start of the week. The trading volume has lost some $2 Billion on the day at $9 Billion. The Bitcoin dominance is still up and continuing to punish the altcoins for every slight movement. Yesterday, the entire market was green and now after a bit of pressure from the dominant coin, the altcoin house has tumbled down once more.
Bitcoin moved up again for the past 24 hours and went as high as $6780 then circled back and tested $6500 after which, buyers arrived to push back the price action to the $6600 level where it is currently trading at $6672. This is a very negligible difference from yesterday at -0.56% loss. Volume has dipped again to $3 Billion. The movement is still bullish at the moment and could test the $6800 resistance. On the downside, the support level is back to $6550.
Ethereum, which was most affected by the weeks FUD about state regulations and the SEC Bitcoin ETF rejection is still at the same level where it was for the past 3 days and lingering at $275. As we have mentioned yesterday, it needs to overcome the $280 resistance before it can move forward. On the day, it has lost -1.75%. The coin seems to be waiting today and we might see some price action in the near term.
The Top 10 altcoins are sluggish today and largely on the red except for Tether which has inched its way up to #8 in terms of market capitalization. Monero seems to be continuing to inch up after a long battle over the past few months. It is now at $93.64 and has posted a bit of gain of 1.00%. Yesterday, its gains were at 3%. By and large, it has not yet recovered but has performed well over the weekend. But others in the Top 10 were not as hardy and has fallen back. Bitcoin Cash, Stellar, and EOS with losses between 1-2%. The rest are having minor corrections.
Nano is leading the Top 25 today with a 40.02% pump -a jump not generally seen on higher cap coins. This cryptocurrency, was formerly known as “RaiBlocks” is up 84% in the past week due to several leadership announcements from the company. It is currently trading at $3.50. Ontology follows the leading gainers in the Top 25 cryptocurrency with a 12.29% gain on the day. Overall, the Top 25 crypto had a passive performance and is an almost equal red vs green and bet 1-2% loss or gain with the exception of Lisk which is now suffering a -5.75% correction after an upsurge yesterday.
Down the board, the rest of the Top 100 is a sprinkling of red and green with some having some decent gains. Waltonchain is up by 18.23%, Substratum is on its second-day upsurge and now at 15.56%. Wanchain is at 11.46% growth and ICON rounds off our double-digit gainers for the day at 10.81%. Dentacoin, which lead the gainers yesterday is now down at -18.44%, same as Bitcoin Diamond which recently had a pump and is now dumping at -7.52%
The gains over the past 24 hours were negligible but there seems to be a positive sentiment that is once again being felt on the market.
This post first appeared at CoinDNA – Tentative Growth On The Crypto Markets, Price Action on BTC Still Undecided But Selloff Has Slowed Down
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