bearish chart

No Recovery For Crypto Markets as Altcoins Dump Again

Avatar Martin Young 1 year ago

FOMO Moments

Markets are receding again; EOS and Tezos falling, Iota and Lisk staying afloat.

In a pattern we have witnessed countless times this year the market rally could not be sustained and cryptos have dumped again. Red dominates the boards this morning as total market capitalization wipes out the last few days’ gains and drops back below $215 billion.

Bitcoin has remained stable and has not dropped with the rest of the altcoins. It is still trading at $6,470, the same level it has been at for the past couple of days. Consequently BTC market dominance has crept up again to 52.6% as its brethren suffers. Ethereum has been kicked again dropping 3.6% back to $285, its lowest level for almost a year.

The altcoins are all in the red with EOS taking the biggest hit in the top ten dropping 5% back to $4.90. Stellar and Cardano are also losing over 4% on the day and the rest between 2 and 3 percent. Further down the chart at the top twenty only Iota is in the green at the moment with a 1.7% gain to $0.528 which is still massively down over the year.

After its pump yesterday Tezos is dumping 13% today dropping the coin back to $1.35. Dash and Neo are also dropping back 4% as gains go out of the window once again. The rest of the top twenty is declining 1-3% at the time of writing. This pattern is repeated down to the top thirty coins with only Lisk showing a gain. LSK is up 2.5% to $3.92 which is also very low for this altcoin which topped $30 just seven months ago.

Newcomer to the top one hundred, Eternal Token, is pumping at the moment, up 28%. Power Ledger is also doing well climbing 6% on a listing on Australia’s BTC Markets’ exchange. On the red end of the scale is Veritaseum dumping 14% with Bitcoin Private and Kucoin Shares not far behind.

Total crypto market capitalization has fallen back after almost a week of gains from its 2018 low last Tuesday. With $212 billion markets have shed 1.8% over the past 24 hours, trade volume has remained low at $12 billion indicating that there is more of this to come.

Nothing seems to be able to give the markets the lift they need at the moment, there have be no hacks or negative news prompting the plunge. Any good news is having a negligible impact on the whole ecosystem, just the odd pump and dump for individual altcoins. The 2018 down trend is still holding strong.

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.

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