Can The Slow Cryptocurrency Recovery be Sustained?
Markets slowly recovering this weekend; XRP, EOS, Neo and Tron climbing back, VeChain falling slightly.
The slow creep upwards has continued into the weekend as cryptocurrencies add more gains following their lowest levels of the year. Total market capitalization has crept up slightly and is currently holding above $215 billion, 14% up on Tuesday’s big dip.
Bitcoin has not moved much over the past 24 hours, it is still trading at $6,500. BTC did reach and break $6,600 a few hours ago but resistance was too strong and it fell back again. Ethereum is still inching up with small gains every day now, today it is 2.2% higher to $308, though the ascent has slowed and prices have retreated a little.
Altcoins are pretty much all in the green this morning. Leading the gains in the top ten at the moment is XRP with another 7.5% climb to $0.335. Ripple’s token was the best performing altcoin in the top ten yesterday also as partnership expansions and new developments boost momentum. EOS is also having a good morning this Saturday with a 7.5% rise to $5.26, likewise with Bitcoin Cash which is up 6.3% to $5.73. The rest are showing smaller gains of around 2-4%.
Looking further down the chart at the top twenty Neo is out front with an 8% climb on the day to $19 and Tron is not far behind adding 7% to trade at $0.022. The only loser in the top twenty at the moment is VeChain, down 9% however this is only natural as the coin has spiked over 40% in the past day or so.
In the top one hundred newcomer TaTaTu is showing an epic pump of 84% but as with most low cap altcoins a dump is likely to follow. Nebulas, Cortex and Aion are also all performing well at the moment with over 20% gains on the day. At the other end of the scale Dentacoin and Waltonchain are joining VeChain as the biggest losers on the day.
Total crypto market capitalization has crept up almost 2% on the day as altcoins recover from their doldrums. It is currently at $217 billion which is still almost 27% lower than this time last month. Trade volume has remained unchanged at $15 billion on the day. These small rallies have been seen countless times before this year so things could turn south again very quickly if this one is not sustained for a longer period.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.