The crypto market is still very static – we’re having mostly greens this morning but no huge swings still. We lost about $3 Billion over the weekends but not more and the market capitalization has crept back up by $2 Billion.
Currently, the market capitalization is at $ 218 Billion and the trading volume is down once more, from yesterday’s $11.9 Billion to today’s $10.7 Billion. The Bitcoin dominance is now at 52.2%, slightly lower than yesterday which means that altcoins may be putting in some work.
The Bitcoin price has still not moved and is in the same position it was last Monday. It’s still at the $6600 level. The chart seems to be moving upwards in the last 4 hours which might or might not be a move at all -given the current low volatility of Bitcoin these days.
Spencer Bogart, a partner at the crypto focused venture capital firm, Blockchain Capital has claimed that he believes Bitcoin price is about to surge after it soon finds it’s ‘bottom’.
“We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market. Towards the end of last year, when we were at the peak of this bull market, bad news seemed to have no effect on the markets … Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman and Yale, and it has almost no effect on price.”
The Ethereum is still consolidating and not moving from below $230. It’s currently at $225 and has been on this level for most of the weekend.
The Top 10 altcoins have greens, except for Tether and Litecoin. We have a small swing with Cardano at 3.07% and currently, Bitcoin Cash is at 2.33% gain. The others are at minimal gains of over 1%.
The Top 25 are also on the greens except for Bitcoin Gold at -0.14%. We’re performing better today than yesterday with Maker still continuing with its gains for the past 3 days and gaining 15.89% on the day. Tron is also making good gains today at 11.44% with news of a new TRC20 token deployment. Ontology is far behind at 6.53% but also having a good day with the rest performing below 2%.
Further below on the Top 100 list, we have 0x leading the biggest gainer at 16.01%. Cybermiles is surging at 13.93%, and Noah Coin completes the double-digit gainers today. We have a few losers today and top of the list is DigixDAO which is down at -9.24% after a good surge yesterday.
Overall, we’re still in a no man’s land, and we’re waiting for the big move. Whichever way it goes, it will be a relief to finally get a movement.
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