Crypto land is still at the bottom, Stellar doing well, VeChain getting smashed
The hope in crypto land at the moment is that the bottom has been reached and a recovery will now begin. However we have seen bottoms before and they have repeatedly been followed by lower lows. Total market capitalization has inched back up today as some altcoins recover from their big dip. The general outlook remains bearish though as the small rally has already started turning south.
Bitcoin remained above $6k and has climbed back 1.7% on the day to trade at $6,450. It could form a strong reversal if it can climb back to the critical $6,800 level over the weekend. Market dominance has just surpassed 49% indicating more strength in Bitcoin than any of the other cryptos. Ethereum has not benefited from any market recovery and is still flat on the day at $360 which is below August 2017’s peak price of $400.
Only Stellar is making any significant moves in the top ten, climbing 7.3% to $0.221 and 5.2% against BTC to 3425 satoshis. On the week XLM is down over 17% from its $0.268 high this time last Friday. Over the past month though Stellar has been one of the better performers, it is still up 10%. Binance currently has over 40% of the total volume in XLM, it has increased from $65 to over $80 million in the past 24 hours. Litecoin and Cardano are marginally in the green but XRP, EOS and IOTA are still falling.
In the top twenty privacy cryptos Dash and Zcash are both recovering by around 5% at the time of writing. OmiseGO and Tezos are up roughly 2% from yearly lows yesterday but Neo and VeChain are still dropping. VEN has slid a further 10% today to $0.010 though trade volume has jumped significantly. It is the worst performing altcoin in the top one hundred. Top rallies in the top one hundred at the moment are ChainLink up 14.7% and Dentacoin 9% higher on the day.
Total crypto market capitalization has rebounded slightly from its 2018 low yesterday. It is up just over a percent though to around $226 billion, still massively down over the past 9 months. It is bargain central for altcoins at the moment, and many have not been this low for over a year. Trade volume has dropped slightly to $13 billion and there has been no big bounce to signal a real recovery yet.
More on Stellar can be found here: https://www.stellar.org/
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.