After a strong market yesterday which saw some altcoins go on record-breaking gains, the crypto markets began a slight pullback on the Asian Markets this morning. Tokens began a reverse and Bitcoin, the representative coin was rejected at $6600 and dropped back to $6400.
The decline was expected seeing as this is the weekend and volumes are usually low. Some also attribute as a natural pullback from the altcoins strong rally for the past two days.
The market capitalization was down by $4 Billion dropping from $218 Billion yesterday to today’s $214 Billion. The 24-hour volume dropped from its usual 14-15 Billion level to today’s measly $11.8 Billion.
For those who expected this minor corrective rally, it is a bitter pill to swallow that the market is still finding it hard to produce the momentum needed to push for a strong recovery. The past few days saw investors risking out their limb and becoming aggressive with buying altcoins which is a sign of their recovering belief in the Bitcoin and the market in general.
Day traders pushed for high-risk trades driving the price of certain tokens such as VeChain, TaTaTu, and Ontology by 30 to 80 percent. At one point, VeChain went on a spree and increased by nearly 90 percent in a 24-hours.
But Sunday woke up with another drop and market turned skittish again. Tether has pushed volume from $2.8 Billion to $3.5 BIllion in the early part of the day suggesting another panic as investors avoid losses by taking shelter in the USDT.
Bitcoin (BTC) is currently trading at $6422 and having a -1.54% loss on the day. Volume is very low at $3.4 Billion. This day would prove important for the market as it will signal how the next week will play out. It is likely that Bitcoin will regain its momentum only after it is able to break $6600 successfully with a strong volume to back it up.
Ethereum (ETH) is back on the $300 levels and at one point reaching a low below $290 this morning. It is now trading at $301, signifying a loss of -3.93% on the day. Currently, ETHs volume is still on its July levels which does not show a good performance overall.
If only for the reason that its losses are the smallest today, XRP is the leading cryptocurrency on the Top 10 as the rest has turned all red. It is trading at $0.34 with a marginal loss at -0.56%. Monero is today’s biggest loser with -5.25%and back to $97.29 on the day. Bitcoin Cash and Stellar are toe to toe at 4%.
There’s hardly any green on the altcoin boards today, with some showing up but with marginal growth at best. Tezos is at 2.08% on the Top 25 and down below on the list of the Top 100 is DigixDAO at 5.09% and BAT at 2.95%. Bitcoin Private, Aurora, Nano, Nuls, and Zil, among the best performers yesterday, was hit hard with the correction and down today. Still, it is not as bad as last Tuesday’s Armageddon and there is still room for recovery.
This post first appeared at CoinDNA –Weekend Slowdown Catches Up With Altcoins, Crypto Market On A Slight Pullback
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