As we enter the second weekend of October, we are still in a dire situation and bears control not only the Bitcoin but most of the coins and tokens in the Top 100 crypto. The day is not so bad though, as most of the tokens are now inching to recovery. Unfortunately, there was no bounce yet which usually happens when there is a big drop in the markets.
The market capitalization is still at $202 Billion which is a bit of a good news because it would have dropped below $200 Billion otherwise if there is no strong defense. The trading volume has dropped to $10 Billion, which is expected on weekends. The BTC Dominance dropped a with a very small point at 53.8%.
The Bitcoin price is still on range at $6300 with almost no movement from yesterday’s market recap at CoinDNA. Earlier, it tried to move and reached $6354 but the movement was capped and the coin is still consolidating up to now. The price is trading at $6327 at the time of this writing. On the chart, the MACD is trying to get out of the bearish range and has crossed over but on very small slopes. Both the SRSI and RSI are going upwards above 40. The Money Flow Index is forked to go downwards below 80.
Ethereum is still weak but fighting at the moment at $202 at the time of this writing. It has gained 1.82% on the day and may likely be heading up on the short term. The volume is still very low however and we may need to wait for next week before it starts to show some level of recovery.
The Top 10 altcoins are mostly green today except for Tether and Cardano. It’s not exactly the bounce that we are waiting for after a big drop but given the market’s precarious situation, we’ll take it. Litecoin earned a bit today at 2.43% gain. EOS is just a touch outside 1%.
Knocking on the door of the Top 10 is TRON with a huge surge at 7.69%. TRON is fighting to get back to its level before the dump and is now almost on the level at $0.023. Justin Sun has made a new announcement for TRON with a surprise partnership that is keeping the social media buzzing on who it could be. Zcash, Tezos, Maker, and Binance Coin are at far second with over 1% gain and the rest are keeping it below that. The only one hugely outside green today is 0x at -4.38% which is consolidating after a surge yesterday.
Further down below on the Top 100 is Digitex Futures with an ongoing pump at 46.15%. It has pumped a couple of times this month and might be worth keeping an eye out. Steem is clawing out of the rut at 8.07% as well as GXChain at 6.18% gain on the day. Losing heavily on the day, on the other hand is Noah Coin which has seen huge pumps this month. It dropped -21.46% and is currently trading at $0.0017.
Overall, we’re still heavily in a bear market. Some analysts are speculating that BTC will be dropping more at $5800 which understandably can pull the cover out of the table. We’re heavily defended at $6k though, so as usual, keep an eye out, and trade safe!
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