Bitcoin Cash Surges to Retake Fourth Spot
Crypto markets back in the green; Bitcoin Cash leading the charge with BNB and ONT close behind.
The news for the weekend is good – there has been no massive dump and yesterday’s pullback was just that as crypto markets recover again today. Markets are moving back up again today as total capitalization gets back to $175 billion and Bitcoin refuses to break support.
BTC falling back below $5,000 yesterday set alarm bells ringing throughout the crypto community as fears of a final capitulation started to fester. What actually transpired was a bounce off $5k and recovery back to $5,100 where Bitcoin has spent the best part of the past 24 hours.
Ethereum has been pretty static throughout and is still stuck at $165. ETH is back where it was this time last week but volume has trailed off to under $6 billion which is a sign of weakness so further losses are expected unless there is a big push by Bitcoin.
The top ten is largely green at the time of writing as the majority of altcoins recover from yesterday’s losses. Bitcoin Cash has made a big move of 7% to flip both Litecoin and EOS for fourth spot with a market cap over $5 billion as BCH reaches $284. Binance Coin is the second best performer in the top ten adding 6% on the day as BNB reaches $18.30.
The top twenty is also in recovery mode with the biggest gains coming from Ontology and Tezos at around 6%. Monero is the only altcoin in the red in this sector at the moment as XMR fails to make any gains on yesterday.
FOMO: Aurora Back Pumping
There are no major fomo drives going on at the moment but the top performer in the top one hundred is AOA on another pump. The 18 percent gain on the day is nothing really remarkable for this crypto as it is up and down like the proverbial yoyo. Nebulas is also getting a dose of fomo as it adds 16 percent today and Enjin Coin is not far behind with a similar gain.
Yesterday’s two pumps are predictably dumping today as Lambda and Crypto.com Chain drop 23 and 18 percent respectively. This is a clear indication that these altcoins are not being pumped by anything fundamental as losses are instant and very predictable.
Total market capitalization is back up to $174 billion as another $4 billion flows back in. Volume is at its lowest level for over a week at $43 billion indicating that the recent action could be slowing down and buyers are running out of steam. Bitcoin’s market dominance has reached 52% which is the highest it has been for at least a month.
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.