Crypto markets correcting on Monday morning; Binance Coin and Dash still climbing, Litecoin, EOS, BSV and NEO dumping.
Following the weekend’s epic Bitcoin rally, crypto markets have started to correct this Monday morning. In a natural market movement crypto assets are pulling back but total market capitalization is still at a six month high of over $200 billion.
Over the past 24 hours Bitcoin surged to a new 2019 and nine month high of $7,500. The epic rally saw daily volume rise to a record high of $30 billion which is over double what the entire market was getting a few months ago. Since the peak, BTC has pulled back as expected and is currently trading at $7,050, down over 4 percent on the day.
Ethereum also got a boost finally as it topped $200 for the first time in six months. There was not enough momentum to keep ETH at this psychological resistance level and it too pulled back 4 percent on the day to drop just below $190.
The top ten is all in retreat at the time of writing. All of the altcoins are beating a retreat aside from Binance Coin which has pumped 7 percent on rumours of a link up with eBay from leaked pictures from the Consensus 2019 conference in New York. BNB was trading at $22.70 a the time of writing.
Yes and the coin which is supposed to be supported is none other than $bnb
— CRYPTO ENTHUSIAST (@CRYPTOgraph_ER) May 12, 2019
The rest are correcting hard with Litecoin and EOS losing the most at 5 percent. Bitcoin Cash, Stellar and Cardano are not far behind dropping 4 percent from their 2019 highs yesterday.
The top twenty is also a wall of red at the moment, all aside from Dash which has actually made a couple of percent to reach $129. Bitcoin SV is dumping hard with over 8 percent lost and NEO is back below $10 losing 5.5 percent on the day. The rest are sliding back 3 – 4 percent each.
FOMO: iExec RLC Enters The Top 100
RLC has pumped 13 percent to enter the top 100 cryptocurrencies and is the top performing altcoin at the moment. The cloud computing based blockchain platform token is predominantly traded on Binance which has 70 percent of the total volume. As mentioned, BNB is also getting some fomo today and Waltonchain has just spiked by 6 percent.
Most altcoins are dumping today but those dropping double digits include Factom, Aurora, Bytecoin and Truechain all losing 11-13 percent on the day.
Total market capitalization hit a new 2019 high of $224 billion yesterday. The move has been led by Bitcoin which surged 19 percent over the weekend. Since then the pullback has dropped over $10 billion out of crypto markets which have retreated back to $213 billion. Daily volume is still huge at over $80 billion and the correction has been expected.
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.