Altcoins Bitcoin FOMO

Cryptocurrency Market Update: Bitcoin Eats Altcoins, Breaks $8,000

Martin Young | July 24, 2018 | 10:00 am
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Altcoins

Cryptocurrency Market Update: Bitcoin Eats Altcoins, Breaks $8,000

Martin Young | July 24, 2018 | 10:00 am

FOMO Moments

Bitcoin is leading the markets higher; altcoins are suffering, Bitcoin Diamond dumps while Zcash and Bitcoin Private prosper.

As if in a flashback to trading patterns common in the latter half of 2017, Bitcoin is climbing at the expense of the altcoins. There was a very clear and distinct correlation between Bitcoin and altcoin price movements as one fell when the other climbed, usually signaling traders moving their money around in the markets. The same is happening at the moment and very little ‘new money’ is coming into crypto.

Bitcoin is on a roll at the moment, climbing 4.1% on the day to trade at $8,010, the highest it has been since late May. Its market dominance continues to rise eating away at the altcoins and currently approaching 50%. Bitcoin currently has a 46.7% share of the total crypto market, which is its highest level this year.

The second most popular cryptocurrency, Ethereum, has made a marginal gain on the day rising 1.2% to $470. ETH trade volume is approaching $2 billion which could signal further upside momentum. Bitcoin Cash and Litecoin are both up around 4% at the time of writing but the rest of the altcoins in the top ten have fallen a couple of percent today.

Only Monero is showing a significant gain in the top twenty altcoins with a rise of 4% on the day to trade at $140. All of the others are relatively flat again with1-2% movements in either direction. Zcash is performing well today with a 11% jump to $215, ZEC has had a good week with gains of around 16% from $185 this time last Tuesday.

The top performing altcoin at the moment is Bitcoin Private which is up 24%, Mithril is also having a good day with a 13% climb. The remarkable snapshot right now is that Bitcoin is the 6th best performing cryptocurrency in the top 100. After several consecutive days of gains Bitcoin Diamond has predictably dumped shedding 56% today proving that it was indeed a classic pump and dump pattern.

Total crypto market capitalization has crept up a little again today to $293 billion. The 2% gain has solely been the work of Bitcoin as market cap excluding BTC has made no moves in 24 hours. Trade volume for all cryptos is up 30% to $17.5 billion from $13.5 billion over the past day. Since the July 13 dip there has been a general market uptrend predominantly Bitcoin driven.

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 ones, looking for trends and possible fundamentals.

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