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Crypto Market Wrap: Bitcoin Cash and Litecoin Keeping Markets Pumped

Avatar Martin Young 6 months ago
Crypto markets remain buoyant; Bitcoin Cash and Litecoin ripping it at the moment, Dogecoin gets a new listing.

Market Wrap

The major pullback that was expected after such a huge rally has not materialized just yet. Crypto markets are still holding gains made this week and a couple of higher cap altcoins are pushing even further. Total market capitalization has remained above $170 billion and momentum continues to build slowly this Thursday.

Bitcoin is holding steady but has corrected a little after reaching an intraday high of $5,300 a few hours ago. Volume remains high at $22 billion and BTC has traded above $5k for the best part of the last 24 hours. It is currently up 2% on the same time yesterday, trading at $5,030 according to CMC.

Ethereum has pulled back a little dropping under $165 again as buying pressure cools for the world’s second largest crypto asset. Ethereum has pretty much missed out during this entire market rally as it has only made 15% whereas many of the others have made double that. XRP is also dropping back marginally and has also been comparatively weak this week with a gain of just 10%.

There are two altcoins dominating the top ten at the moment with double digit gains for the third day in a row. Bitcoin Cash is crushing it with a double flippening over EOS and LTC to take fourth spot in terms of market cap. BCH has added a further 21% on the day to reach $310 – its total gain this week has been an epic 82%. Litecoin is the other big mover today, and all week, with a 24 hour gain of 10% as LTC closes in on $90. The combined volume for these two alone is over $10 billion.

None of the others have moved much today aside from EOS and Cardano adding a couple of percent. The top twenty sees Bitcoin SV, NEO and Ontology leading the pack with gains of 5 to 6 percent on the day. Tron, Tezos and NEM have pulled back 3 to 4 percent.

FOMO: Dogecoin Driven by Huobi

Today’s top one hundred top performer is Dogecoin with a jump of 25%. The crypto clown started to climb a few days ago following a manipulated April Fools pump. DOGE is now up to 77 satoshis, a jump of 54% this week against Bitcoin. A listing on Huobi has initiated today’s fomo pump;

Reddcoin and IOST are both doing well today with 20% pumps and REPO is close behind. A massive dump is going on at Maximine Coin as it sheds over 65% following a botched up fork and failure of exchanges to carry out wallet upgrades. KuCoin Shares are also in pain losing 18% today.

Total market capitalization 24 hours. Coinmarketcap.com

Total market capitalization hit another 2019 high a few hours ago of $185 billion. It has since corrected to $175 billion but is still up on yesterday’s levels by 2.3%. Volume remains at record levels over $80 billion and the momentum is largely being driven by Bitcoin Cash and Litecoin at the moment. Despite Bitcoin’s big pump its market dominance remains at 50.7%.

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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