The crypto market has turned green today despite still failing to get back above $200 Billion market capitalization. The market cap is now at $196 Billion from $187 Billion yesterday, adding just a little under $10 Billion. Majority of the altcoins are regaining a bit of strength though still far from recovery. The Bitcoin (BTC) dominance has abated somewhat at 56.7%.
Bitcoin, the coin that started the market crash, was somehow performing better and is slowly climbing out of the bottom. On the day, it has grown 2.96% and is now steadily rising to $6441 from yesterday’s $6244 on the hour. It managed to hit the $6360 resistance and is now moving on to the nest resistance at $6450. On the downside, if sellers appear, we could be testing back $6320.
Ethereum is also starting to fight off the pity party and has recovered 11.66%. From yesterday’s $170.75, it has moved together with Bitcoin and has now hit resistance at $192.40 and hopefully will be able to get back over $200 before Friday. It needs to recover 25% which it has lost this week before it can commence its climb back up to $300 which many hoped will happen before September. On the flipside, support is back at $175.
After hitting rock bottom, the altcoins are picking up though not as fast as to recover fully. Monero is the leading gainer at 13.86% and trading at $111.99. Litecoin is also on a double-digit climb at 10.88%. It is currently at $53.35. More than a week ago, it was at $68. Stellar and Cardano, both with huge losses since the start of September, are at 8% gain on the day. The rest of the Top 10 are at 3-5% gain.
VeChain is leading the Top 25, after being beaten badly in the past 2 weeks. It is up 14.46% and trading at $0.013. TRON follows with a 12.51% gain on the day. NEO, Bytecoin, and NEM are up by 10% on the day. There are no losses today, except possibly Dogecoin which, after taking the crash head on and the only one on the Top 25 to withstand the bears, is now taking it slow at 1.76% gain, the lowest on the Top 25.
For the rest of the board on the Top 100, Nano is leading with a big jump at 36.03%. It is currently exchanging hands at $2.26. Aurora is following directly at its back at 34.76%. Decentraland and Verge are having a good day at 22.16% and 19.40% respectively. Wanchain, ICON, 0x, and Aion are also doing good between 16 – 18% gain on the day.
Overall, it might be a start of something good today, but make no mistake, the bears are still in control in the mid-term. There is a lot of ground to recover before we can even begin the market recovery.
The crypto market is having arguably the most positive month in its nine-year history. Yet, the price of major cryptocurrencies like Bitcoin and Ethereum have struggled to reflect optimistic developments in the industry.
13 days into September and the crypto market has seen Gemini introduce the market’s first fully audited and licensed stablecoin, EU commission acknowledge cryptocurrencies as an asset class, Nasdaq start to build analytics tools for crypto, and Citigroup begin to explore crypto custody.
Just watch price catch up to reality inevitably. It’s the most beautiful thing to watch happening to you when you know it ahead of time (and acted upon it accordingly). Not trading advice, just saying… //t.co/BfYf2rIzWG
— CZ Binance (@cz_binance) September 11, 2018
Still, in terms of valuation, the crypto market is approaching its year low, despite the solid corrective rally the market recorded on September 13, supported by the 10 percent increase in the price of Ethereum.
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