Crypto Market Wrap

Crypto Market Wrap: Quick Recovery From $3 Billion Dump, Chance For Further Gains?

Martin Young | March 9, 2019 | 7:00 am
Crypto

Crypto Market Wrap: Quick Recovery From $3 Billion Dump, Chance For Further Gains?

Martin Young | March 9, 2019 | 7:00 am
Crypto markets recover from a mini dump; Stellar and Cardano holding up, BSV and Maker sliding, Kyber Network surging.

Market Wrap

As we enter the weekend crypto markets are still consolidating but have recovered from a $3 billion dump a few hours ago. The majors have been largely motionless over the past 24 hours and total market capitalization is still holding above $130 billion. The lack of momentum could signal another big dump around the corner but the quick recovery is promising.

Bitcoin has hit $3,950 twice over the past day but the second move resulted in an instant dump back to $3,875. This resistance wall is proving very hard to overcome for BTC. In the past couple of hours it has managed to regain some steam to get it back over $3,900 but only just.

Ethereum continues to weaken and has dropped to $135, its lowest level since Tuesday. A rally was looking promising before markets followed Bitcoin’s bounce off resistance again. ETH has maintained its lead above XRP which has also declined a further 1.5% on the day.

The top ten is all red during Asian trading today aside from Stellar which has made almost 1.8% on the day taking XLM to $0.087. Litecoin has also posted a marginal gain as it reaches $57 and extends its lead over EOS which has lost over 2%. Tron is down 2.5% at the moment as its market cap continues to dwindle.

Altcoins in the top twenty are equally mixed with marginal movements at the time of writing. Cardano is still in the green but only just, the rest are flat or falling. Bitcoin SV, Maker, and Ethereum Classic have taken the biggest slides with losses of over 3% a piece at the moment.

FOMO: Kyber Network Cranking

Today’s big pump in the top one hundred is Kyber Network which has surged 75% as volume increases tenfold. Binance is getting a third of the global trade volume but South Koreans are also buying it up in KRW on Upbit and Bithumb at the moment with a combined 50%. It appears that a coin burn, roadmap update, and KyberDAO Voting Experiment has driven the fomo for KNC;

Project PAI is also on the fomo train with a 60% pump today as the alpha version of their PAIYO app gets launched. Enjin Coin is also going strong still adding 30% to reach $0.20.

At the messy end of the top one hundred altcoins are Nexo and Chainlink dropping 7% each. There are no major dumps occurring right now as most coins are still range bound.

Total market cap 24 hours. Coinmarketcap.com

Total market capitalization is still at $133 billion where it was this time yesterday. Markets are starting to recover from a $3 billion dump a few hours ago and daily volume has increased again to $34 billion. Crypto markets are only 2.3% higher than they were this time last Saturday but gains on the month are still an impressive 10%.

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

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