Crypto Market Wrap

Cryptocurrency Trading Update: Midweek Lethargy Drops Markets Lower

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

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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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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