The crypto markets are crippled and have not been able to move for the past 24 hours. We are still suffering and the altcoins are being heavily punished despite Bitcoin staying on the same level since yesterday.
The market capitalization has not moved since yesterday at $195 Billion but still dangerously close to its lowest level this year at $189 Billion. The trading volume is still very low at $10 Billion. The only thing that’s up, in general, is the Bitcoin (BTC) dominance which has reached an all-time high this year at 56.1%.
Bitcoin price is stuck at $6300 levels and has so far only shown 0.53% for the past 24 hours. It has been moving up and down this levels in very little increments and bearish trends are still the overwhelming technical indicator. The price is likely to move going down to $6240 support before going up to the resistance zone at $6400 -$6500. If there is a push below $6240, it may finally bring down the price towards $6000 level again. There has been a decent volume at $3.8 Billion.
Ethereum has lost another -1.31% on the day and price is again dropping at $190. Ethereum, which holds the second largest market cap record has dropped to $19 Billion for the first time in 12 months. ICO funding has been reported to reach a new low and its a case of a snake biting its tail as the market wonders which is the effect or the cause between ICOs and its main platform.
Tokens such as WanChain, VeChain, Decentraland, and Waltonchain are having a tough time with big losses in the range of 5 to 10 percent, most likely due to the struggle of ETH, its native cryptocurrency.
The Top 10 Altcoins is in a continuously bad performance since yesterday. Monero and Stellar are in the green at the time of this writing, albeit marginally but overall, everyone is still on the red. The biggest loser is Cardano (ADA) with a -3.77% loss on the day. It is currently at $0.072 and is on the record for being one of the worst drop in the Top 10 since December. Ripple’s XRP and Bitcoin Cash are both at 2-3% losses and the rest are on 0-2 gain/loss.
Below the Top 10, VeChain and NEM are taking losses at 5%. Tezos is the only one showing any real gains for the day at 8.06% and exchanging hands at $1.30. The rest are having 0-2% gain/loss on the day.
On the Top 100, Emercoin has emerged as the leading coin of the day and is pumping at 56.63%. Reddcoin has risen another 14.39% on the day. We have Dentacoin. Dropil, and TenX, just a touch below the double-digit growth at 8-9% gain on the day. Holo is on top of the big losers today at -11.51%. RChain, Metaverse ETP, and Kucoin Shares are also being battered at 5-6% mark.
There have been several good news this week such as EU’s initial nod of approval for cryptocurrency and to some extent, several institutional reports like Citigroup’s plan for crypto custody, even Winklevoss brothers announcement of their new stable coin, but the market has not moved a bit. The market is thoroughly in control and may probably retain its grip in the coming days.
This market recap was first published at CoinDNA- Crypto Market Stuck For The Day, Market Cap Remains $195 Billion, BTC Dominance On ATH
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