Market Wrap
Crypto markets fall back again marginally, Ethereum in pain on hard fork delays, Tron and Maker following.
Yesterday’s minor recovery fizzled out as quickly as it began and crypto markets are retreating again. Total market capitalization is just above $120 billion and further drops are looking likely.
Bitcoin has found a new short term resistance level at $3,700 and failed to break it. Consequently the bears are back in play and BTC has dropped back to $3,650 at the time of writing, down 1.5% on the day. Bitcoin is down almost 10% compared to the same time last Wednesday when it was over $4,000.
Ethereum’s week is getting worse by the moment. Delays to the long awaited Constantinople hard fork has sent ETH tumbling back over 5.5% on the day towards $120. XRP, losing less than a percent on the day has increased its lead over Ethereum back to $800 million.
The top ten is all red again during the day’s Asian trading session. Tron and Litecoin are dropping 3-4 percent and Stellar is not far behind. This has caused Tether to move back up the chart and flip XLM for sixth place, just $200 million behind EOS in fifth. Altcoins are all extremely weak at the moment.
The top twenty is also all red but the losses are lower here. Maker is about to drop out of this section with a 5% slide back to $440, Neo has dropped over 3% but the rest are losing 1-2 percent on the day.
There are two coins grabbing the fomo today and getting double digits. Stratis is up 18% and with WAX following at 14%, there does not seem to be much driving it though so expect dumps tomorrow. Speaking of dumps, a previous pumper – REPO is getting smashed today shedding over 40%. Dentacoin and Factom are both losing doubles with 16 and 12 percent respectively.
Almost 2% has been lost from total market capitalization since the same time yesterday as it falls back to $121 billion. The weekly picture is grim with a slide of over 11% and a loss of over $16 billion from crypto markets. Going back a month will be easier on the eyes though as markets are up 18% from their 2018 lows in mid-December. Bitcoin dominance is holding 52.5% as it remains range bound.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.