binance coin

Crypto Market Wrap: Binance Coin Approaching All Time High on DEX Launch

Avatar Martin Young 3 months ago
Crypto markets cooling this Friday; Binance Coin dominating, Tezos still running, Bitcoin Cash and Cardano dumping.

Market Wrap

There has been a slight pullback today following yesterday’s push to $180 billion. Crypto markets have now settled into a new range bound channel and have continued their consolidation. There has been no breakout in either direction over the past week but the trend has been upwards.

Bitcoin has retreated a little after hitting an intraday high of $5,320 a few hours ago. It is currently trading back at $5,250 where it was this time yesterday. Analysts are of the opinion that it could remain at this level for several weeks before making a significant move.

Ethereum made it to $175 a few hours ago but could not hold that level and has retreated back to $172. On the week ETH is up 5.5 percent but gains are very slow going and it does not appear to be moving independently of Bitcoin at the moment.

The top ten is predominantly red during today’s Asian trading session. Only Binance Coin is gaining as it makes 6 percent on the day to reach $22, approaching its all-time high. Momentum has come from the launch of the Binance Chain mainnet and approaching BNB swap off the Ethereum network. Bitcoin Cash and Cardano are dumping with 5 percent lost each and Binance Corp appears to be all consuming at the moment.

The only two altcoins surviving the drop in the top twenty Tezos which is still going adding another 5 percent today to reach $1.40 and Bitcoin SV which has picked itself up off the floor and added 4 percent to get to $58. The rest are falling back a few percent with the rest of the market.

FOMO: Crypto.com Tops The Charts

There are no major fomo spikes occurring at the moment but the top performing altcoin in the top one hundred today is MCO. The 7 percent pump has taken the token to $4.75 and it appears to have been driven by a slew of new stablecoin listings on the exchange.

Bitcoin Diamond is also having a little spurt gaining over 5 percent but little else is going on as we end the week. Getting dropped for the second day in a row is Maximine Coin dumping another 7 percent. BCH and ADA are both at the bottom of the list with their losses today.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has pulled back to $178 billion as $2 billion leaves the space this Friday morning. The consolidation pattern continues and is not likely to change until Bitcoin breaks through its resistance level, or dumps back below $5k.

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.

Tags: Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games
Nexo

Instant loans by local bank transfer using your crypto as collateral without selling it. Earn up to 6.5% interest per year on your Stablecoins & EUR.

Ad
KuCoin

Kucoin is the most trusted crypto exchange with 200 tokens.

Ad
Show comments