Crypto Market Wrap: Consolidation Continues, When Can We Expect a Breakout?
Crypto markets lethargic on lazy Sunday; Bitcoin Cash. Litecoin and IOTA falling back again, BNB holding.
There has been little movement on crypto markets over the weekend. Gains have largely held though there have been more sellers than buyers for most of the coins. Total market capitalization has remained above $170 but could well drop back if the bears maintain their presence.
Bitcoin dropped to an intraday low of $5,060 a few hours ago before recovering back to over $5,100 where is has been for most of the weekend. Volume is back at $10 billion which indicates that the bulls could be running out of steam. BTC is down a little on last weekend’s prices but has held gains made over the month and is still on the path to the ‘golden cross’ which is a bullish sign.
Ethereum is slowly weakening also and is now back below $165 again. With no further bullish action markets are consolidating at this level but slowly trending downwards again. Without another big push by Bitcoin, Ethereum and the rest will continue to weaken as volumes decline.
The top ten is all red again today as altcoins start to slide during the Asian trading session. Bitcoin Cash and Litecoin have lost the most at around 3% falling back to $275 and $77 respectively. BCH has held on to fourth spot over EOS but only just. Binance Coin is the only one not to lose out at the moment as it adds a percent or so reaching $18.60.
The top twenty is also awash with red at the time of writing with largest losses happening at IOTA which has dumped 6.5% on the day. NEO, Ontology and Maker have all lost over 3% today and Bitcoin SV is not far behind.
FOMO: REPO Pumps Again
Today’s top performing altcoin in the top one hundred is Repo as it gets another pump of 30%. There appears to be nothing fundamentally driving momentum for this altcoin which is up and down on a daily basis. Following days of dumping Maximine Coin is finally recovering a little with a 20% pump today. Enjin Coin is also adding to yesterday’s gains with a further 12% today.
There is only one double digit dumper today and that is yesterday’s fomo coin, TrueChain, which has lost 10% on the day. WaykiChain continues to slide with 7% dropped and IOTA is also in pain at the moment.
Total crypto market capitalization has not moved a lot over the past 24 hours. A lazy Sunday appears to be in store as markets remain range bound at $172 billion, down $2 billion from the same time yesterday. Daily volume is diminishing and has dropped back to $35 billion as the consolidation continues.
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.