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Cryptocurrency Trading Update: Minimal Momentum on Monday Markets

Avatar Martin Young 1 year ago

FOMO Moments

Monday movement is lacking on markets; Stellar making gains, Bitcoin Cash and BAT getting battered.

There was no further momentum over the weekend and crypto markets have continued to slowly slide back this Monday morning. Total market capitalization is still over $210 billion, but only just, having lost almost $10 billion since Wednesday’s peak last week.

Bitcoin’s failure to make any progress above $6,400 has kept the rest of the crypto markets flat. BTC is currently trading at $6,395 but analysts predict bullish upsides leading up to its rival, Bitcoin Cash’s hard fork on the 15th. Ethereum has remained immobile and stuck around the same level, $210.

The top ten is predominantly red at the moment as traders in Asia have been selling all day. Bitcoin Cash is taking the biggest dive with 7% down to $510. Despite the looming hard fork, BCH has dumped 20% in less than five days. Other losses in the top ten are tiny, with Litecoin down almost 2%. Stellar is actually making a gain at the moment with 3% to $0.275, and Monero is also up 2% taking XMR to $105.

In the top twenty things are similar with only a percent or two movement in either direction. Zcash is the worst performer in that section at the moment with a 4% slide to $125, Tron is also down over 2% to $0.022.

The day’s big pump is coming from MOAC which has surged 23% at the time of writing. Insight Chain has also entered the top one hundred and is up 9% at the moment. Very few other altcoins are making any significant gains today.

Getting dumped along with BCH is Eternal Token and Veritaseum both down over 7% on the day. BAT and Siacoin are also having a bad day with over 6% losses since the same time yesterday.

Total crypto market capitalization has declined almost one percent since Sunday and is currently at $211 billion. A $3 billion pump a few hours ago looked promising but all gains since then have been lost once again. Trade volume remains at around $12 billion on the day and the sideways consolidation continues.

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.

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

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