Crypto Market Cap Falls Anew With A $5 Billion Drop, Bitcoin Range Bound


Crypto Market Recap: 03, December 2018

The small weekend recovery was cut short this Monday as the market capitalization continues to fall. The crypto board is a mix of red and green again and most gains from the weekend are again wiped out.

The market capitalization fell back to Friday’s level at $130.9 Billion with the trading volume also going down at $13.8 Billion. The BTC dominance indicates a declining volume for Bitcoin at 53.5%.

The Bitcoin price is still consolidating between $4k and $4400 but is currently fizzing out and about to hit at $3900 if the bears cannot gather and push back the momentum this Monday. On the day, Bitcoin has lost -2.88% with the price at $4031. The nearest support is at $3900 and should there be a selloff, the next stronger support is at $3880. On the upside, Bitcoin will be facing resistance again at $4120.

Ethereum, fresh from a 48.63% plunge in November, drops again and has lost -2.74% on the day. It is currently defending the $110 support and now at $113 at the time of this writing. Ethereum remains locked with Bitcoin and has been stuck on the same level for a week now. Resistance is at $120 while support is at $110 then $105. The path of least resistance at this moment is downwards. On the chart, MACD has been flat for 3 days now and if Bitcoin doesn’t drop, it could possibly remain sideways in the short term. Just like Bitcoin, Ethereum bears need to form enough momentum to hit $120.

The rest of the Top 10 has been dragged back to reds and bleeding out its weekend gains. Bitcoin SV has finally dropped the ball after protecting its gains yesterday. It has lost -5.50% bringing the price to $95.01. Stellar too has lost a lot today at -5.00%, and Litecoin is bleeding with a -4.00% loss. The rest of the Top 10 altcoins are losing 1–3% at the time of this writing.

Down the Top 25, only Ethereum Classic is green with 3.81% gain on the day. The rest are red with Ontology leading the biggest losers at -4.03%. Tezos, IOTA, Dash, Bitcoin Gold, VeChain, and NEM are all at 3% loss. The rest are sufferring less under 3%. 

Mithril is leading the Top 100 today with a 28.51% pump on the day. Golem and Decentraland closes our double-digit gainers today with both 11% growth today. Mobile Go which was also pumping since yesterday is just south of 10% with a 9.90% gain on the day. On the other end is Bitcoin Private with a -11.04% loss. The rest are mixed but red is the overall color of the day.

Overall, the crypto markets are at the same level as it was last week. We are in a “Bart” move so to speak and so long as we don’t properly hit the bottom, experts are predicting more reds. Crypto Dog, a crypto analyst from Twitter notes:

“We are still in a bear market. We are much nearer towards the end of it, I imagine, but there is no sense being net positive BTC above $4k at this point. A bear market doesn’t end and we go straight up. If the bottom is in, then I still imagine we at least re-test the lows.”

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 Monday!


Originally published at dna.coinve.st on December 3, 2018.

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