Crypto Market Wrap: Altcoins Start to Slide While Bitcoin Holds Gains
Another minor pull back has occurred as crypto markets retreat from weekend gains this Monday morning. Losses are primarily from altcoins as total market capitalization drops back below $180 billion again but remains in its range bound channel.
Bitcoin has dropped back from its intraday high of $5,350 but only marginally. At the time of writing it is hovering just below $5,300 with a daily volume of $14 billion. Markets are currently being held up by BTC as all of the altcoins have fallen back; consequently dominance is back up to its two month high of 52.7 percent.
Ethereum has fallen a couple of percent and is back at $170 again. There seems to be nothing driving ETH markets at the moment so it too has remained range bound in this sideways channel.
The top ten is all red during the morning’s Asian trading session. EOS and Litecoin have lost the most at 5 – 6 percent on the day falling back to $5.17 and $76 respectively. Bitcoin Cash and Cardano not far behind while Binance Coin remains unchanged on the day at $24.
A sea of red in the top twenty signals more gains here. Bitcoin SV, Ethereum Classic and Ontology are dropping the most with losses of 4 – 6 percent. The rest are not far behind as all altcoins lead markets lower today.
FOMO: Factom Flying
At the top of the big one hundred is Factom which has jumped 7.5 percent to reach $9.75. Volume for this low supply altcoin has surged over 200 percent to $270 million and Poloniex is taking around half of that trade. According to the Reddit stream an official document talking about FCT recently appeared on a Chinese government website. There is little else that could be driving momentum at the moment.
There are no other altcoins in the top one hundred performing well today but DigixDAO and Nano are both up four percent or so. Getting dropped like a hot rock is Crypto.com Chain dumping 12 percent and BAT dropping 11 percent.
Total crypto market capitalization has shrunk by $3 billion back to $177 billion. Daily volume has remained high though at $46 billion which indicates that the consolidation could continue. Markets have been range bound since the beginning of the month when over $30 billion was pumped back in.
Levels are back at the same place they were last Monday and have been in this $12 billion wide channel for over a week. Bitcoin’s market dominance is the only thing that has risen over the past 24 hours.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.