Crypto Market Wrap

Crypto Market Wrap: Stagnation as Bitcoin Hits New 2019 Low

Martin Young | February 8, 2019 | 7:10 am
fomo flat

Crypto Market Wrap: Stagnation as Bitcoin Hits New 2019 Low

Martin Young | February 8, 2019 | 7:10 am

Market Wrap

Crypto markets are stagnant as we end the week; Litecoin, IOTA, ETC and NEM moving a little, BNB and BSV falling back.

As we end another week in crypto land markets are still very flat and have made very little movement over the past 24 hours. The promise of a minor recovery started an hour or so ago but it has fizzled out leaving market capitalization at the same place it was yesterday.

Bitcoin hit an intraday high of $3,430 yesterday before falling back again. It dropped below $3,400 to hit a new 2019 low of $3,390 a couple of hours ago as this level becomes support turned resistance. BTC still looks very weak and could soon be further down as it forms new resistance levels.

Ethereum has not moved on the day at remains at $105, poised to drop to double digits if no positive momentum can be found. XRP is also static on the day with no gains or losses leaving it at $0.29.

The top ten is mostly in the red during the day’s Asian trading session but losses are negligible. The only altcoin making a gain at the time of writing is Litecoin which is up 1.5% to just under $34. Binance Coin has dropped 3% back to $8 but it has held on to tenth spot.

There are a couple of coins performing a little better in the top twenty. Ethereum Classic and NEM have both clawed back 4% and IOTA is not far behind with a 3% rise today. The rest are 1-2 percent off yesterday’s levels.

There are no double digit pumps going on in the top one hundred cryptocurrencies at the moment. Those outperforming the rest include PIVX and WAX both adding over 8% right now. Similarly there are no big dumps but those dropping the most are Pundi X and Holo losing 6% on the day.

Crypto markets are stagnant at the moment with total capitalization exactly where it was yesterday at just below $112 billion. Volume is a flat $15 billion and the down trend is still intact. Markets peaked on Sunday but have since lost $4 billion to their current levels. Bitcoin dominance is 53.4% as it approaches new lows for the year.

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

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