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Cryptocurrency Market Update: FOMO Failing, Good News Not Helping Altcoins

Avatar Martin Young 11 months ago

FOMO Moments

More declines as we approach the weekend; Bitcoin Cash, Iota and Tezos sliding.

The lassitude continues as we end another week in crypto land. No momentum has come from anywhere despite several positive news developments for a number of crypto projects. Total market capitalization has dropped back below $210 billion as cryptos sink into the weekend.

Playing the digital piper is Bitcoin, falling back a percentage point on the day to $6,480. Technical gurus are calling a descending triangle and failure to break resistance so further losses could be imminent. Ethereum is the same, falling back another 2% today to take it to $203, a very low level.

The altcoins are mostly red at the moment, with very tiny gains for a handful of them. The top ten is all red with the exception of Tether which is still trying to claw its way back to a dollar. Leading the losses are XRP, Bitcoin Cash and Cardano all falling over 3% during the morning’s Asian trading session. The rest are between 1-3 percent down.

The top twenty is equally as bleak with Iota dropping the most at 4.3% back to $0.495. Dash, Tezos and VeChain are all down just over 3% and the rest not far behind.

Today’s big pump is Polymath which has surged 20% at the moment on a new partnership with Netcoins to provide crypto OTC services for security token issuers. tZero has also issued its first security token which has revived interest in POLY. Aelf is also doing well with a 15% pump right now.

Taking a hit is PIVX which pumped yesterday. The dump was predictable and it is leading the red half of the top one hundred dropping 11% on the day. Metaverse ETP is also sliding over 8% at the time of writing.

There has been another decline in total crypto market capitalization. Today it is down almost 2% to $208 billion. Trade volume hasn’t changed from $11 billion and the sideways channel is still intact with very few signs of a breakout. Good news is having no effect with altcoins such as Tron, 0x, OmiseGO, Icon, and Qtum all posting positive developments this week but seeing prices slide further back.

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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