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Crypto Market Update: $10 Billion Pump Follows Four Day Dump

Avatar Martin Young 11 months ago

FOMO Moments

Crypto markets rebound again; Ethereum and Bitcoin Cash surging, EOS and Litecoin following.

The volatility appears to be creeping back into crypto markets with a dump one day followed by a pump the next. Since Christmas day markets have been sliding back but a bounce a few hours ago has injected $10 billion back into them and propelled total market capitalization back over $130 billion.

One almighty spike a few hours ago shot Bitcoin from $3,670 to over $3,900 in around an hour. BTC is currently up over 7% on the day and is approaching $4,000 again. The $200 plus pump has taken it back to pre-Christmas levels though longer term momentum has yet to be defined from these ‘Bart Simpson’ type chart patterns.

Ethereum has enjoyed even greater gains today with a surge of over 18% to take it back over $135 again. The market cap gap between ETH and XRP in second has now closed to a billion dollars as the Ripple token only adds 8% on the day.

The entire top ten is green again with some altcoins pumping harder than others. It is a rare occasion that Ethereum is the top performer but just behind it with gains of over 15% are Bitcoin Cash, EOS and Litecoin. EOS and Stellar are still battling for fifth spot and are both on the same market cap.

There are a number of double digit performers in the top twenty during today’s Asian trading session. They include Cardano, Iota, Binance Coin, Neo and Zcash all making 12-14 percent at the time of writing.

Big fomo surges of over 25% are going on at Linkey and DEX however these low cap coins are extremely volatile. Aurora is the only altcoin in the top one hundred getting bashed at the time of writing as it dumps almost 10% on the day.

Total crypto market capitalization has expanded by another $11 billion as it jumped 9% in a matter of hours. Yesterday, $5 billion was dumped. The figure now stands at $132 billion as markets appear range bound in this channel for now. Daily volume has climbed to almost $19 billion at the time of writing.

FOMO Moments is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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