After a heavy selloff from the market 3 days ago, most investors are expecting a short reprieve or a small bounce. But up to now, there has still been no major movement among the top cryptocurrencies.
The market capitalization is still near the $200 Billion level and moving within range for the past day. This is still dangerously close to its past low when the crypto markets dipped in August. The trading volume is at a low $11 Billion and the Bitcoin (BTC) dominance is still very high at 54.8% and wreaking havoc among the altcoins.
Bitcoin price stopped crashing at $6400 but has not moved a lot since then. On yesterday’s market recap, we said that Bitcoin needs to break $6600 to convincingly break its fall below $6k. The support is still at $6200. Currently, the price is at $6456 with 0.96% gain.
Ethereum kept breaking its lowest point and now at $219. It lost -1.46% on the day. Ethereum (ETH), which has lost 85% of its total value this year and dropping more can affect a lot of projects in its current ecosystem.
The altcoins are also still very bearish although with very small losses on the day. Litecoin which is the current leading coin on the Top 10 is at2.32% although down by 9% on the week. Currently, it is exchanging hands at $57.45 with the immediate resistance at $70 before it dropped with the market. Main support is now at $50. EOS and Stellar follow with 1.95% and 1.61% respectively but with heavy losses during the week, this is still far from recovery.
The Top 25 is still unable to shake the bears and is currently stuck. There are several movements though as Dash and Dogecoin start to resist the heavy pull downwards. Dash has recovered 11.49% of its losses on the day and positively moving forward. Dogecoin, which was unexpectedly buoyant all week, has posted 9.82% gain on the day. It has proven to be a tough dog and has been very strong during the weeks crash. Other than those are IOTA and NEO pushing their price at 3%. The rest are either marginally red or marginally green.
The Top 100 has a few higher percentage wins but the majority are still in the red. Holo is leading at 29.31% gain on the day. This is the second day that the Holo coin was on the green despite the current market conditions. Kin is at8.13% and Pundi X and Aion are both at 5% gain. MOAC and RCHain are both at 10% loss.
Overall, the crypto market is still very bearish and technical analysis by experts show that we might not be out of the woods yet but the low price range presents a viable opportunity to invest in the cryptocurrency market. There is also some positive news today like a recent survey by an investment platform called SharesPost that shows both consumers and investors remain optimistic about cryptocurrencies in spite of the 60 percent decline in cryptocurrency valuations in 2018. And no, Bitcoin is not dead yet.
This market recap first appeared at CoinDNA: No Movement, Bitcoin Still Frozen At $6400 And Holding Down Altcoins, Holo Shines In Top 100
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