bearish chart

Crypto Market Update: Weekend Gains Wiped Out in $5 Billion Fall

Avatar Martin Young 1 year ago

FOMO Moments

Monday is red as markets wipe out weekend gains, Bitcoin Cash, Stellar, Iota sliding, Ethereum Classic staying afloat.

It didn’t last. Crypto markets are back down again today after recovering a little over the weekend. The complete lack of buying pressure at the moment indicates that the bears are still in full control of things. Total market capitalization has been pushed back down to $130 billion again.

Bitcoin has found a consolidation channel between $4,000 and $4,300 and it doesn’t seem to have the momentum to break on the upside. BTC is down 3% back at $4k at the time of writing. Two ‘Bart Simpson’ type chart patterns have formed over the last week indicating that BTC could be about to fall again. Ethereum has already fallen, dumping 3.5% since yesterday back to $113.

Altcoins are all in the red again today, wiping out weekend gains. Bitcoin Cash is taking the biggest hit of over 6% at the moment as it slides further down the chart. Stellar has held on to fourth, but only just as it too has lost over 5% on the day. The rest of the top ten is dropping 2 – 4 percent at the time of writing.

Further down the chart there is only one beacon of green in the top twenty. Ethereum Classic is up over 3% on the day which has taken it over $5 again. A recent Github heist and resolution may be the cause of the current momentum for ETC. The rest of the altcoins in this section are falling 2 – 5 percent on the day.

Today’s big dose of FOMO is going to Mithril which has pumped 32% overnight. MobileGo and Decentraland are also in double figures at the time of writing with 14% gains each. Unsurprisingly previous pumpers are now dumping, namely Bitcoin Private and Theta Token down 15% and 12% respectively. After laying off a whole bunch of staff, Steem is also getting hit today.

Around 3.7% has been lost from crypto markets since Sunday. As another $5 billion flows back out of digital currencies market capitalization drops back below $130 billion again. Markets are back to the same level there were at this time last week and appear to be range bound between $130 and $140 billion. Bitcoin’s dominance is still around 53.6% so the ratio has remained stable for a while.

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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