Market Wrap
Crypto markets are motionless today, Stellar and BNB making minor gains, Iota and Maker receding.
Movement on crypto markets has been minimal all week and nothing has changed as we begin the weekend. The majority of crypto assets have done nothing since yesterday and total market capitalization is still holding just above $120 billion.
Bitcoin dropped to an intraday low of $3,575 before testing resistance at $3,600 again. It is flat on the day and still cannot push through this level. Since last Saturday’s mini rally Bitcoin has lost 4% but remained static all week, the next movement is likely to be swift and at the moment the bears are still in control.
Nothing has happened to Ethereum either which is still weakened at $117. A static XRP means that the gap between second and third remains at $800 million as both assets continue to consolidate.
There has been very little movement in the top ten during today’s Asian trading session. Stellar is playing catch-up with Litecoin adding 2% but at the time of writing it was not enough for XLM to retake seventh place.
The top twenty is also flat, only Binance Coin has made 2% which has solidified its rise to twelfth spot as Iota remains weakened dropping 2% on the day. Maker has also slid back almost 3% and the rest are pretty immobile at the time of writing.
Theta is getting today’s fomo treatment with a surge of over 22% at the moment. Dentacoin is the only other altcoin making a double digit move with 14% added on the day. Two coins are getting bashed at the moment with double figure dumps and they are familiar ones. Buggyra Coin and Aurora are shedding around 16% each at the time of writing.
Total market capitalization has not moved over the past 24 hours and remains at $120 billion. Daily volume is up a little to $15 billion but crypto markets are still very lethargic as we start the weekend. Aside from a $5 billion pump and dump last weekend there has been virtually no movement over the past seven days. The tedium continues for consolidating crypto markets.
Market Wrap 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.
