Crypto Market Recap: 10, December 2018
The crypto market is still taking its time with recovery since the recent Saturday low. The Asian trading session pumped earlier but the move was rejected and the market, although green, has been flat since Sunday.
The market capitalization inched forward with a $2 Billion growth for the past 24 hours and is now at $112.7 Billion but still at the bottom. The trading volume is at $14 Billion and the BTC dominance is at 55%.
Bitcoin has been steadily climbing back since Saturday and is now at $3498. For the past days, Bitcoin formed a base around $3200, then moved for an upside correction to $3400. Earlier, it almost reached $3600 before getting rejected and falling back to this level. At this same time last week, it was at $4000. To get back to this level, Bitcoin must firmly cross the resistance at $3500 and defeat the bears waiting on this corner.
Ethereum has not moved much since yesterday and is still at the $91 range at the time of this writing. A repeat of what happened yesterday, we saw it try to cross $96 but failed again. Layoffs at ConsenSys, a company run by Joseph Lubin, an Ethereum cofounder, must not be helping the recovery.
The rest of the Top 10 are hardly moving with losses and gains being pegged at 0–2%. EOS is the biggest gainer with a 10.92% growth today. EOS recovered from recent lows and seems to have conquered back the $2 level. Bitcoin SV is also gaining with 3.12%.
The Top 25 is mixed with a drop of -7.27% for Tezos, and Maker losing -3.63% on the day. The rest are at 0–3% gains, lead by Dash and Binance at 3%.
DEX is still today’s king with another 50.87% pump. Both Centrality and Maidsafecoin follow far behind at 12% gain on the day. Apart from that, the entire top 100 are monotonous and lackluster.
Earlier, pundits and experts alike have predicted that at the end of the year, things are more likely to turn around and reach a significant level. However, as the situation stands in the market, it is likely that those levels will take more time than earlier anticipated. Also, the co-founder of BTCC, Bobby Lee, emphasizes that it is not the first time that Bitcoin loses nearly 90% of its value. However, if history is any guide then it is not unlikely that we shall see a strong recovery coming.
“If history repeats perfectly, then the current bear market for Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 on Jan 2023,” he wrote in his Twitter account.
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 10, 2018.
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