Crypto Market Wrap: Stellar Still Surging, Reaches Six Week High

Crypto markets creeping slowly higher; Stellar still climbing Bitcoin and Ethereum remain flat.

Market Wrap

The weekend has passed with no major movements on crypto markets as the consolidation continued. Total market capitalization has climbed a little and managed to recover back to yesterday’s levels however volume has tailed off a little as we start a new week in crypto land.

Bitcoin’s high point for the past 24 hours has been $3,960 however it dropped back to an intraday low of $3,925 and has remained within this range for a couple of days now. The more times BTC bounces off resistance the more likely it is to drop back to lower levels. Bitcoin is currently trading at $3,950 as it moves back up towards the resistance zone.

Ethereum has not moved at all over the past day and remains static at $137. There are no fundamentals in the pipeline as ETH helplessly follows the movements of Bitcoin. XRP is in the same situation with zero movement over the past 24 hours as markets slept on Sunday.

At the time of writing the top ten is predominantly red though losses are fractions of a percent. Building on yesterday’s progress Stellar continues to pump adding a further 10% on the day as XLM reaches $0.10 again. The six week high has increased XLM market cap to $1.95 billion as it closes up on Tether in eighth place. Germany media company Börsenmedien AG announced that it was purchasing stakes in SatoshiPay a few days ago which has initiated the run. There does not really appear to be any other major fundamentals driving the momentum aside from expectations from the upcoming Money 20/20 conference. As one Reddit commentor put it:

“Some folks will never learn. Many proceed to FOMO into anything that’s remotely pumping and chase them instead of holding good positions …”

Everything else in the top ten is flat during Asian trading this morning. Looking at the top twenty a similar picture can be observed with NEO and Ontology dropping 2% each. Ethereum Classic is the only altcoin holding on to a green gain at the moment but that is marginal. Just outside the top twenty Tezos has had a good pump of 9% on the day.

FOMO: Project PAI Pumping After a Dump

The top performing altcoin at the time of writing is PAI which is getting a 22% pump taking it to $0.065. This altcoin has pumped and dumped over the past few days so appears purely fomo driven. REPO is the second best climber in the top one hundred with a 13% gain on the day.

The only altcoin dumping doubles is yesterday’s pump, Kyber Network as it drops 20% on the day and wipes out all recent gains. Ravencoin is also falling back today as it drops almost 10%.

Total crypto market capitalization has not moved much over the past 24 hours and remains at $135 billion, up a fraction on yesterday. Daily volume has dropped back to $30 billion though as momentum cools off and the consolidation continues.

_{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.}