Crypto Market Wrap

Cryptocurrency Trading Update: NEM Making Moves as Markets Loiter

Martin Young | October 2, 2018 | 5:00 am
Nem xem price
Crypto

Cryptocurrency Trading Update: NEM Making Moves as Markets Loiter

Martin Young | October 2, 2018 | 5:00 am

FOMO Moments

Markets immobile at the moment; Nem making moves, XRP and Tezos falling back.

There has been little movement on crypto markets over the past 24 hours. Total capitalization has dropped a little and red is seeping into the crypto charts. The majority of altcoins have declined a little over night but one or two are still making gains.

Bitcoin is really struggling to break out of its channel and is still sitting at $6,600. BTC needs to break through resistance at $6,800 to show any kind of solid upwards momentum. Ethereum has not moved much at all over the past few days and is still very weak, floating around the $230 level.

Altcoins in the top ten are pretty much all in the red according to Coinmarketcap at the moment. Only Bitcoin Cash is showing a small gain of 1.5% to trade at $544and most of the others are flat with less than a percentage movement in either direction. Ripple’s Swell event has not provided any positive momentum for XRP which has actually fallen back 3.6% on the day to $0.568.

Further down the list the top twenty is not showing a lot of change either. The only remarkable altcoin at the moment is Nem which has made a solid gain of 7.5% overnight to trade at $0.104. Trade volume has over doubled from $8 to $17 million and Nem has been lifted to a one month high. Since last Tuesday Nem has made 12% as the team hosts a number of events and community meetups across the globe while continuing with expansion efforts.

Tezos is having the worst time at the moment with a 5.3% drop to $1.36. Zcash and Bitcoin Gold are not far behind. Today’s top one hundred pump goes to FunFair up 11%, followed by Dentacoin climbing 7.5%. Getting dumped at the red end of the scale is ReddCoin shedding 13% and Mixin dropping 9% on the day.

Total crypto market capitalization has fallen slightly on the day to $222 billion, just under a percentage lower than yesterday’s level. Daily volume has also fallen a little and is now at $14 billion. On the week however markets are up 5% from their levels this time last Tuesday and the trend is holding. Bitcoin dominance continues to drop back as it fails to gain any traction; it is now at 51.4%.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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