Crypto Market Recap: 08, December 2018
For a few hours during the early Asian trading session, the crypto market hit dangerously close to below $100 Billion in market capitalization. Everything went deeper south and hit another new 2018 low. Things have become better since then and there’s a lot of green but everyone is on the floor.
The market capitalization at the time of this writing is at $109 Billion — almost 2 Billion higher than yesterday. Trading volume is still higher than usual at $16.6 BIllion, but we are pleased to report that the Bitcoin dominance is sliding down a bit at 54.8% showing that at least some altcoins are still able to fight back.
Bitcoin as is that usual reason for the sudden drops also dropped dangerously close to $3k and indeed has touched as low as $3280 before making a recovery to its current price at $3382. The market capitalization is now at $59.7 Billion -still about the same level as yesterday. Currently, Bitcoin is in oversold territory, but might not be enough yet to entice buyers to buy back. The experts see a further price drop for the dominant coin and things are still looking dismal.
Ethereum bears are circling in for the kill as it continues to be in a deep slump after falling down the psychological barrier at the $100. Its currently at $88.90 at the time of this writing. This is a few points higher than yesterday but things could go immediately south again if it does not hit a strong recovery above $90. For a few days last week, the market cap has been recovering and nearly catching up with XRP but now, it has dipped so low and currently at $9.3 Billion.
At the moment, the rest of the top 10 are trying to bounce from the bottom but the heavy losses for the past days are just too much and even if some are green, it’ll take a long time for them to be considered recovering. Stellar is the only green at the moment at $$0.117 with an increase of 4.69%. Tether is moving up the market capitalization race and is now at position #5. Interestingly, Bitcoin Cash, amidst allegations of price manipulation, recovered its position from Bitcoin SV as Bitcoin SV dumped some -7.51% from its gains yesterday. Litecoin, losing -3.28% on the day is also dropping position and slipped to position #9 on the market cap.
There’s a lot of green in the Top 25 and some of them are pushing up from their yearly lows. Tezos has reached a double-digit run at 13.92% with a price increase to $0.38. Zcash has gained 7.32% on the day, Dash is also moving at 6.78%, as well as Ethereum Classic at 6.76%. The rest though are still stuck and moving with very marginal gains.
Down the Top 100, our pump and dump groups have been making some movements. Gold Bits Coin has come up to 48.03% gain on the day. Its a relatively unknown coin that has made several pumps back in November. Dentacoin returns to the Top 100 with a 36.65% pump on the day. Aside from that, Aeternity, Factom, Revain, Nexo, and Quarkchain is up between 10–13% today. There have been no big dumps at the moment.
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 Saturday!