IOTA

Crypto Market Wrap: IOTA Ignoring Pullback, Adds 13% on Payment App Addition

Avatar Martin Young 4 months ago
Crypto markets correcting again; IOTA, Ethereum Classic and Tezos moving, Ontology dumping.

Market Wrap

There has been some movement in crypto markets over the past 24 hours but unfortunately it has been in the downward direction. Red dominates the charts at the moment and total market capitalization has fallen back below $140 billion after reaching a monthly high yesterday.

Bitcoin managed to touch $4,100 yesterday but its stay there was extremely brief as a dump imminently followed. The plunge knocked $100 off the price of BTC in less than an hour but it has since recovered to $4,030. Volume remains over $10 billion and Bitcoin is still holding at resistance levels for now.

The minor correction has hit altcoins harder as usual, especially Ethereum which has dropped 2.5% overnight to fall back to $136. ETH has lost almost all gains made over the past seven days as it begins to weaken once again. XRP is not faring any better and has also lost 2% dropping back to $0.311.

All cryptos in the top ten are red during Asian trading today. Those dropping the most include Bitcoin Cash, Binance Coin and Stellar with 4 percent declines. Tron also continues to weaken and is now back to tenth spot with a $1.5 billion market cap.

The top twenty has a few beacons of green as some altcoins continue to pump defying the market pullback. IOTA is one of them as it makes 13% on the day to reach $0.322 from an intraday low of $0.285. The momentum has been driven by payments App Zeux adding IOTA for crypto payments at all shops.

South Koreans are buying up MIOTA today as 30% of the daily volume, which has surged from $12 to $35 million, is being traded on Upbit in KRW.

Maker is up 2% and Ethereum Classic 3% but the other big mover in the top twenty at the time of writing is Tezos with an 8% pump to $0.733. Not having such a good day is Ontology dumping 10% after yesterday’s fomo driven pump.

FOMO: Ravencoin Still Going

Today’s top performer in the top one hundred is Ravencoin yet again. RVN has added a further 14% on the day as it reaches $0.047, its highest price for this year. The fomo without fundamentals is likely to result in a dump in the next couple of days. Aurora, Maximine Coin and Digibyte are all having a ten percent pump at the moment also.

Joining Ontology at the bottom of the top one hundred in terms of 24 hour performance is MOAC dumping 10%. Huobi Token and Kucoin Shares have both lost 7% on the day.

Total market cap 24 hours. Coinmarketcap.com

Total crypto market capitalization has dropped its recent gain of $2 billion resulting in a 1.4% decline back to $139 billion. Bitcoin led the fall after failing again to break above $4,100. A more positive take is that markets haven’t dumped massively and are holding steady at this level for now with good volume. A sideways zigzag pattern can be seen over the week as resistance got hit and the pullback followed six times.

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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