Crypto FOMO

Cryptocurrency Trading Update: Crypto Market Pullback From Big Bounce

Martin Young | October 16, 2018 | 8:00 am
tech fomo
Crypto

Cryptocurrency Trading Update: Crypto Market Pullback From Big Bounce

Martin Young | October 16, 2018 | 8:00 am

FOMO Moments

Markets have receded a little from the spike; Tezos, Bytecoin and Icon still climbing.

Yesterday’s big bounce has been sustained today and markets are holding their gains at the moment. The rally added over $20 billion into crypto markets initially however a pullback has seen levels drop a little. Total market capitalization is currently over $210 billion.

Bitcoin has retreated a little from its daily high of almost $7,000 and is currently trading at $6,650 – the level it remained at for so long previously. BTC trade volume which exceeded $7 billion on the day has pulled back to $5.8 billion which is still almost double the $3 billion it was at 48 hours ago. Ethereum has dropped back 2% to trade at just over $210, showing a similar pattern to Bitcoin.

Altcoins are a mixed bunch this morning with some pulling back and others continuing to gain. In the top ten XRP and Stellar are in the green by a percent or two, the rest have declined by a similar amount. Following a day of Tether being the only coin in the red, USDT is clawing back its peg as it approaches a dollar again. It is currently trading at $0.975 according to Coinmarketcap.

In the top twenty Tezos is out in front adding a further 6% on the day as XTZ gets listed on Kraken. The rest have dropped back between 0-2 percent from Monday’s big pump. Dogecoin is falling further with a 3.5% loss on the day.

Today’s fomo jump in the top one hundred is Aurora climbing 15% at the moment, closely followed by DigixDAO up a similar amount. Bytecoin and Icon are also doing well today rising 8-9 percent. Taking the hit is Digitex Futures which has been pumping for a couple of days, DGTX is down 12% on the day. Eternal Token is also dropping 10% at the moment.

Total crypto market capitalization is currently at $213 billion. This is up 6.5% in 48 hours but down 3.5% from yesterday’s spike which took it to $221 billion. Trade volume doubled in 24 hours but has pulled back to around $16 billion at the time of writing. Markets have held this level for the past day which could signal further upsides as the week goes on.

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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