Midweek Upside Move Strangled, Crypto Market Back To Sideways

CoinDNA MArket Recap

The crypto market is back to sideways as yesterdays small movement failed to awaken the bulls. The market is slowly losing what little it gained yesterday and the crypto-board is on the reds again. The drop has been small but the confidence is now gone again.

The market capitalization is now a billion dollar short since our last market recap and is now at $122.3 Billion. The trading volume is still at $16 Billion but the BTC dominance is again climbing up as traders begin to trade stronger coins in uncertain times.

Bitcoin bears are back although they are having trouble with bringing the coin down to their level. It is moving marginally and has lost -0.57% on the day and is currently at $3663 at CoinMarketCap. The market capitalization is held fast at $64 Billion with a $5.4 Billion trading volume.

Ethereum is getting hit with the Constantinople update delay and has lost -2.88% on the day. This brought its price back to $121.75 at the time of this writing. Signs are pointing at different directions but the bulls are currently fighting to maintain the level above $120. Below this level, the Ethereum might lose its control against Bitcoin, and there would be a significant capital shift flying into Bitcoin.

As announced by Ethereum:

Out of an abundance of caution, key stakeholders around the Ethereum community have determined that the best course of action will be to delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16, 2019.

This will require anyone running a node (node operators, exchanges, miners, wallet services, etc…) to update to a new version of Geth or Parity before block 7,080,000. Block 7,080,000 will occur in approximately 32 hours from the time of this publishing or at approximately January 16, 8:00 pm PT / January 16, 11:00 pm ET / January 17, 4:00 am GMT.

The Top 10 is hardly moving as all coins are at 0-1% win/loss today except Tron at -1.52%.

The Top 25 are mixed today after a relatively good run for the past 24 hours. Tezos is leading the biggest gainers at 5.79% bringing its price to $0.43. Binance Coin is recovering and trading now at $6.21 with 4.22%. On the other end, Maker which was leading yesterday is now down at -3.57%.

Down the Top 100, there are several coins getting double-digit gains. WAX is pumping at 32.66% and is trading at $0.049. It is followed by Aeternity at 27.06%. Stratis is also pumping at 22.10%. Aurora, factom, and Zilliqa are also doing good at 10% gains on the day. On the other end, Dentacoin is dumping at -17.61%.

Overall the market is still up by more than 15% on the monthly report. While the current market is not in a good situation and the confidence is down, so long as the Bitcoin is holding on its range, the market has a bigger chance of recovery at the later part of January.