Precipitous Bitcoin Drop To $3700 Averted But Crypto Market Still Trending Down

Crypto Market Recap: 04, December 2018

Despite recovering in the past few hours after dropping to a $124 Billion low in the market capitalization during the early hours of the Asian trading session, the crypto market is still trending down. The crypto board is a mix and any coin is in danger of sinking lower at the moment.

The market capitalization is currently at $129.6 Billion, still short of a billion to get back to yesterday’s level. The trading volume is at $14.8 Billion with the BTC dominance again ramping up for the day.

Bitcoin did drop below $4k as the bulls scampered out of the bears’ way. The Asian trading session saw the price go as low as $3840 which could have precipitated a big drop have it not been averted quickly. The price managed to climb back to $4k but is still in danger of falling at the time of this writing. Currently, the price is at $4003 and could fall back anytime soon. On the chart, the MACD is climbing to the bull side and other indicators are climbing up for the short-term.

Ethereum keeps falling in the pit, falling as low as $107 earlier and breaking the $110 support. It is now at $112.45 and is nearing the support again. Ethereum is sick and any recovery could possibly take a long time before it can be pronounced healthy again.

The Top 10 altcoins have not recovered since yesterday. Today, EOS jumped the gun and fell to precipitous -9.59% loss. It is now at $2.56 and a long way away from $5.72 at the start of November. Bitcoin Cash is similarly broken at $156.56, with a -6.15 loss on the day. A month ago, it was at $633.68. The rest are at 0–3% loss on the day and it looks like the drop is just warming up. The hard market is continuously pounding the altcoins but the Top 10 looks like its getting the brunt of it.

For the Top 25, two coins are green at the moment. Binance Coin is fighting back and has won 8.04% on the day. Dogecoin as well has nipped some 5.85% gain. Apart from that, we are having the same trend line as the Top 10. Tezos has lost -7.65% bringing its price to $0.435. Ethereum Classic is bleeding again with -6.48% loss on the day. Both Bitcoin Gold and Ontology are fighting for their life with 5% losses between them. The rest have 0–3% losses on the day. 
Factom is the Top 100 biggest winner with 28.09% pump today. ODEM is back on our pump list with 21.29% gain. Pundi X is recovering with 16.02% and is almost back to its pre-Thanksgiving price. On the other end, a hard dump has pinned down Centrality at -17.31%. Mithril is predictably dumping after yesterdays pump and has lost -13.85% on the day. Rounding off our double-digit losers is Bitcoin Private at -10.60% dump.

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 Tuesday!


Originally published at dna.coinve.st on December 4, 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.