Weak Recovery, Crypto Market Still Dragging, Bitcoin Cash Surge Upwards

CoinDNA MArket Recap

Its the second day of market recovery and the day has been mostly good. We’re still not seeing a full-blown upward trend but the good news is that the day at the start of the Asian session has been mostly green. News has been mostly quiet, apart from several institutional announcements from Coinbase, Google, and other companies.

The market capitalization has dipped a bit this morning at $214 Billion but throughout the day, it was ranging at $215 Billion. The crypto trading volume is at $15 Billion today, higher than it usually is at this time of the day. The altcoins are feeling better as the Bitcoin dominance has dropped a bit at 52.3%.

Bitcoin is ranging around the $6400 level and at $6478 at the time of this writing which is exactly where it was when we reported yesterday. Should it go below $6400, the support level where buyers might appear is $6350. The resistance, on the other side, is at $6540 when sellers might try to cash in their gains.

Ethereum and recovery are two words that do not seem to go well these days. Despite the weakening of the bearish pressure for the past day, it was still unable to break out from its rut. After nearly recovering up to $245 over the weekends, it has fallen hard again and now at $213 with a -0.29% loss from yesterday.

The top 10 has been green all day but made a little pullback this morning. Most of them are in under 1% losses. The biggest news today is Bitcoin Cash pumping after Bitmain’s successful initial public offering (IPO) filing with the Stock Exchange of Hong Kong Limited. It has been no secret that Bitmain holds massive amounts of BCH and investors confidence are up. The trade volume is now up at $1 Billion and the market capitalization has jumped to $9 Billion. Currently, it is at $521.37, jumping almost a hundred dollars from $440. EOS and Stellar are still holding on to the green at 1% gain both.

For the Top 25, we have more pullback as everything is back to reds. Bitcoin Gold is the top gainer at 5.04% and Zcash is a far second at 1.05%. The rest has fallen back 0-3% with Tezos as the biggest loser at -4.48%.

Today is a little laid back on the Top 100 which had such big pumps yesterday. Ethernal Token defeated Electroneum with 23.92% against 23.62%. Ethernal Token started a pump yesterday and gained a massive 85% and still not abating. Today it is at 23.92% gain and is trading at $1.54. A couple of other coins are having a good push today. Steem is up by 7.67%. Pivx is up by 7.15%, as well as KuCoin Shares at 7.12%. On the other side, Metaverse ETP is dumping at -13.58%, followed by Dentacoin at -8.49%.

For the short term, we still lack a good volume to push upwards and the market is still clearly struggling to break the cycle from its up again, down again cycle for the past months.

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