Crypto Market Wrap

Crypto Market Update: $7 Billion Pump Holding For Now

Martin Young | January 7, 2019 | 9:00 am

Crypto Market Update: $7 Billion Pump Holding For Now

Martin Young | January 7, 2019 | 9:00 am

FOMO Moments

Crypto markets making moves on Monday; Litecoin, Cardano and Neo racing ahead, Ethereum sluggish.

Another crypto market rally has greeted us this Monday morning as $7 billion flowed back into digital currencies over the past 24 hours. The bounce has taken total market capitalization over $135 billion and the two week trend is still a positive one.

Bitcoin had another one of its vertical spikes a few hours ago as the big green candle broke through resistance and topped $4,000. The good news is that BTC has held on to its gains this time and is currently trading at around $4,070, up 6% on the day.

Ethereum has not made much this time around, adding a meager 2.5% on the day taking it back over $155. This has enabled XRP to close the gap with a 4% gain on the day to $0.370. The market cap difference between second and third is now $1.2 billion.

The rest of the top ten is all green during the Asian trading session today. Streaking off ahead is Litecoin adding 9% on the day and touching $40 for the first time in nearly two months. Stellar has made 6% but that was not enough for it to drop a place to LTC which is now sixth and not far behind EOS which has made 5%. The rest are up between 2 and 4 percent at the time of writing.

Big gains have been made by Neo and Cardano in the top twenty with 8 and 12 percent respectively. The three privacy coins Monero, Dash and Zcash are all making over 6% on the day and the rest are 2 to 4 percent higher, only a couple of stablecoins are showing red at the time of writing.

The fomo today is going to DEX again which has pumped and dumped by 90% in previous days. REPO is back up again with another 30% pump and Buggyra Coin has also made over 25% on the day. Getting hammered is MobileGo shedding 16%, the only coin in the top one hundred to drop double figures.

Total crypto market capitalization has been boosted by $7 billion as it climbs around 5% on the day. Markets have currently settled at around $137 billion which is still within their range bound channel. Daily volume is up to around $17 billion and Bitcoin dominance has crept up half a percent to 51.6%.

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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