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Market Wrap
Crypto markets recovering again; NEO on a Roll, Tron and Binance Coin gaining momentum.
Another small bounce has taken crypto markets back to Monday’s levels indicating that things are still sideways for the time being. Total market capitalization is back over $135 billion but has failed to go any higher over the past week.
Bitcoin pushed back over $4,000 and is currently up a percent or so on the day trading at $4,050 at the time of writing. BTC jumped to an intraday high of $4,100 but the bears came rushing out preventing it from breaking that wall of resistance it faces at this level. On the week Bitcoin is showing a 6.5% gain but it seems to be consolidating here along with the entire market.
Ethereum is back over $150 with a 2% rise over the past 24 hours. It too does not seem to have the momentum to make further gains and pulled back twice after hitting $153. The top ten is mostly green during the Asian trading session today, only Bitcoin SV is showing a loss as it slides down the charts.
Tron has made the biggest gain of over 6% on the day as it extends its lead over BSV and chases down Tether and that $2 billion market cap. The rest have made between 1 and 2 percent on the day at the time of writing.
The top twenty is also mostly green and NEO is running away with it gaining 13.5% on the day. Rumors of ties between the project and the Russian government, and top global blockchain rankings from China’s Center for Information and Industry Development has boosted momentum for NEO. It has now flipped both Ethereum Classic and NEM and risen to 16th spot by market cap which is currently $620 million. Trade volume has doubled in a day from $100 to over $200 million as NEO wakes up. Binance Coin is also performing strongly with an 8% gain and Cardano has made 4.6% on the day. The rest are up 1 to 3 percent aside from Dash and NEM which have not moved.
Today’s dose of fomo goes to Holo which has pumped 48% on the back of a positive Nasdaq article. Pundi X has also had a good day with gains approaching 20% at the time of writing. There are no big losers today but those topping the red end of the top one hundred are MaidSafeCoin and Dentacoin dumping 7% each.
Total crypto market capitalization has crept back up to $137 billion 1.5% back up since yesterday’s pullback. The daily volume chart shows an unnatural step from $15 to $25 billion two hours ago some more moves could be imminent. On the week crypto markets are 6% higher but they still cannot break out of their range bound channel.
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.
