Crypto Market Recap: 16, November 2018
The crypto market has relaxed somewhat after a devastating two days when Bitcoin dipped to $5300 and dragged everything in its path down with it. The board is beginning to show some greens and the capitalization is perking up a bit. But the markets have not shown a direct bounce which usually happens after such a big fall.
The market capitalization of digital assets has crawled up to $184 Billion from yesterday’s $180 Billion -still wasting away at one of its lowest levels this year. The trading volume is now at $19.5 Billion down from yesterday’s $24 Billion selloff. BTC Dominance is at 52.8%, still lower than last weeks 53%.
Bitcoin price has turned steady at $5600 (Binance). Earlier, it tried to rally and has reached as high as $5757 but the momentum was thwarted and went on to trade lower at its current price of $5653. The market capitalization is still at a yearly low at $97 Billion. There’s still a big chance of more declines should it fail to have a proper bounce above $5600 towards the $5750 level.
Ethereum, still on the third position based on the market capitalization is still struggling with hardly any movement during the day. It gained a minimal 0.63% on the day bringing the price to $179 from yesterday’s $178. With the market cap at $18.3 Billion, its 500k away from retaking the second position from XRP. During the Asian session, Ethereum went up as high as $184 before languishing back to $179. It’s currently still bearish on the short-term. The initial support is at $172. Should it go the other way, the next resistance is at $180 then $186. This near the weekend, it might have difficulty supporting an uptrend with a lower volume.
The rest of the Top 10 are slowly greening. Stellar is the top gainer out of the Top 10 altcoins with 7.17% gain for the past day and currently trading at $0.244. XLM bags the 5th place with $4.6 Billion market cap. XRP, which has taken the 2nd place on the market cap, has recovered a bit with a 2.87% gain on the day. The coin has a market cap of $18.8B and now changing hands at $0.469. The rest are still hardly moving from their yearly low prices. Bitcoin Cash, as expected as lost a lot at -8.07% on the day due to its forking.
Down at the Top 25, the gains are still not bouncing up. Dogecoin is leading with a 5.68% gain on the day. Maker is also one of the earliest to turn green at 4.78%. The rest have a small movement, gaining 1–2% at best. Losses are also at 1 to 1.5% with NEO losing the highest at 1.64% and Binance following at 1.27%.
The rest of the Top 100 has the same story. Not much of a bounce and minimal gains. BAT is leading with a 9.49% on the heels of Coinbase listings. WAX is also performing better with a 8.09% gain on the day. On the other end, we have Holo losing -5.99% today.
Overall, the market is still reeling from losses. Whatever greens it gained today can hardly fill out the gaps. While crypto Twitter is quick to call the Bitcoin bottom, we can hardly predict where the lows truly are. The truth is, if the bulls do not make a comeback soon, we can expect more losses and the survival of the fittest.
Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Friday!
Originally published at dna.coinve.st on November 16, 2018.
CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.