Crypto markets retreating this Saturday; Bitcoin Cash, SV and Waves getting bashed, Tron still afloat.
It was to be expected, the start of this weekend has seen the beginning of a pullback from five days of solid gains for cryptocurrency markets. Total market capitalization has dropped back below $130 billion as traders take short term profits from a positive few days.
Bitcoin stayed above $4,000 until late Friday when it fell through support and started to slide. At the time of writing BTC has fallen over 5% on the day to just below $3,900. Volume has also fallen from $9 billion to below $7 billion as things cool off.
Naturally the rest of the cryptocurrencies have pulled back too. Ethereum, after reaching a weekly high of $118 is back at $110, down 6% on the day. XRP has lost 5% taking it back to $0.35. The gap between these two remains at $3 billion market cap.
The rest of the top ten is also predictably falling during Asian trading today. Bitcoin SV has taken the biggest dump of 15% at the time of writing dropping it back to $105. Bitcoin Cash, after doubling price in three days, has lost 10% of those gains today but at over $190 it is still massively up on last weekend’s dump. The rest are down 4-6 percent at the moment. Only Tron is defying the drop with a 2% gain.
The top twenty is all red at the moment, with Waves getting hammered almost 20% on the day. The rest are falling between 3 and 6 percent at the time of writing.
Some obscure fomo action is going on with BCZERO which has entered the top one hundred with a 40% pump. THETA is also spiking at the current time but these gains are likely to reverse very quickly. Bitcoin Diamond has joined Waves and SV as the one of the worst performers as it loses 15% on the day.
Total crypto market capitalization hit a weekly high of $138 billion yesterday. It is currently down to $127 billion which marks a fall of 4.5% as $6 billion flows back out of crypto. Daily trade volume has fallen from a six month high of $28 billion back to around $20 billion. The Santa crypto rally looks like it could be over for now though compared to this time last weekend markets are still up around 23%. If the bulls don’t get their act together today the bears will drive prices back into the digital abyss.
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.