Cryptocurrency Market Update: Dogecoin Continues to Defy The Drop
Markets are still very depressed; Dash and Dogecoin defying the drop.
There has been no recovery from this week’s big crypto selloff and markets are still down. Very little movement has occurred over the past couple days which leaves markets at just over $200 billion, very close to their yearly lows.
Bitcoin found support at $6,400 and moved up slightly to $6,500 however over the past 24 hours it has remained flat. The next major resistance level for BTC is around the $6,600 mark. Ethereum has continued to slide and is at its lowest point for over a year. ETH shed another 4% on the day and is just below $220, a fall below $200 could be very bad for the world’s second largest crypto.
Altcoins are still bearish and mostly in the red at the moment. ETH is the biggest loser in the top ten but Bitcoin Cash, Cardano and Monero are all down over 2.5% also. The rest are pretty flat with very small declines.
The top twenty is also inactive with only two altcoins making a move. Dash has regained 7% on the day to trade at $191. Dogecoin which has been on a run all week is also up 12% on the day. DOGE has made over 120% in the past 30 days and is one of the few altcoins that has not been battered in the week’s market dump.
Trade volume has risen 90% over the day to $58 million, most of which is on Gate.io. The team also successfully tested the Dogethereum bridge during the week;
We don’t regularly do technical content off this account, but as a lot of people are asking – there was a demo of the bridge today and yes it worked 🙂 – Ross https://t.co/eChHmuCPby
— Dogecoin (@dogecoin) September 5, 2018
In the top one hundred Holo is out in front with an 18% climb on the day but there are very few alts in the green right now. MOAC and Rchain are both suffering double digit losses with over 10% declines on the day.
Total crypto market capitalization has fallen back a percent on the day to $203 billion, very close to its August 14 low point of $189 billion. With technical indicators still looking bearish and the long term down trend still intact things are not looking up in crypto land. Bitcoin’s market dominance is the only thing that has climbed, it is now 54.8%, its highest level since mid-December.
More on Dogecoin can be found here: http://dogecoin.com/
FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.