Crypto Market Wrap

Cryptocurrency Trading Update: Midweek Lethargy Drops Markets Lower

Martin Young | November 14, 2018 | 10:00 am
bear chart bleeding

Cryptocurrency Trading Update: Midweek Lethargy Drops Markets Lower

Martin Young | November 14, 2018 | 10:00 am

FOMO Moments

Crypto markets still in slow slide; Bitcoin Cash rebounding a little, Stellar, Nem, Zcash falling harder.

The slow decline in crypto markets has continued as the week draws on. Falling back below $210 billion total capitalization, cryptocurrency prices keep dropping albeit at a very languid pace.

Bitcoin is losing steam and has not been able get back above $6,400 since a little spurt on Monday. BTC is currently trading down again today, though losses are minimal and it is priced at $6,350 right now. The daddy of crypto is still ranging though volume has increased over the past couple of days, a drop below $6,300 could lead to heavier losses. Ethereum is following suit with another 1.5% decline on the day taking it to $206.

Red is the dominant colour on the altcoin charts, and it has been since the weekend. In the top ten only one coin is making a gain at the moment and that is Bitcoin Cash which has risen to 2% to $519. The rest are extending losses with Stellar leading the pack dropping 4.5%. EOS and Cardano have both lost 2 – 3 percent on the day.

Top twenty losses are even bigger with Nem dumping almost 10% from its big surge yesterday. XEM couldn’t hold on to that billion dollar market cap and has slid back again. Zcash and VeChain are both dropping 4 – 5 percent on the day and Tron losing over 2%. Only Ethereum Classic is in the green in the top twenty with a 1% push to $9.21.

A new entry to the top one hundred is making the fomo pump today and that is Etheera. Climbing 11% this Swiss based real estate token has made it to 79th spot. Up even more Sirin Labs Token jumping 18% but these are likely to dump as quick as they have pumped in the next few days.

A prime example is yesterday’s pump, Eternal Token, which is now dumping 30% today and dropping out of the top one hundred. Another previous pumper, WAX, is also falling fast with a 15% slide on the day.

Total crypto market capitalization has slid back, dropping one percent on the day to just below $210 billion. Nearly $10 billion has been lost since last Wednesday which equates to a 4% market fall. On the three month chart however markets are still consolidating in a channel between $200 and $220 billion. Bitcoin dominance is slowly creeping back up and is currently 52.6% as its losses are not as severe as its brethren’s.

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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