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Crypto markets cool off; IOTA cranking while Bitcoin, BNB, Tron and Monero start to slide.
Market Wrap
There has been a bit of a cooling off for Bitcoin and crypto markets following solid gains over the past couple of days. Red has seeped into the charts as losses begin to accelerate during Asian trading today. This has knocked $7 billion off total crypto market capitalization as it slides back towards $265 billion.
From a high of $8,760 a few hours ago Bitcoin started to fall back, dropping 3 percent to below $8,500. The selloff has accelerated over the past two hours and may well result in a fall back to resistance at around $8,200. The big 30 percent pullback is still looming and it may have just started to happen.
Ethereum has followed suit, dropping a similar amount at the time of writing and falling back to $263. ETH still remains coupled to the movements of BTC, especially on the downside.
The top ten is all red at the moment with altcoin losses starting to mount up. Only XRP is surviving right now with no losses on the day but that will definitely change if markets drop further. Binance Coin has lost the most with a 5 percent slide back to $32 while Litecoin is back at $111 losing almost 3 percent.
There is only one altcoin surging in the top twenty today. IOTA has pumped over 16 percent as the Tangle team announces the next evolutionary stage for the platform. A move closer to full decentralization with ‘Coordicide’ has driven IOTA fomo today as it gets close to $0.50.
IOTA Announces Coordicide Solution: A Distributed Ledger Technology which Removes the Barriers to Real-World Adoption. https://t.co/g7qdimiDew
More details on https://t.co/Gx8P2tMgtH#IOTA #Coordicide— IOTA (@iota) May 28, 2019
Big dumps are everywhere else with Tron, Monero and Ethereum Classic dropping 5-6 percent. The rest are also starting to fall back now with a couple of percent lost each.
FOMO: Aurora Back Up
AOA must be one of the most pumped and dumped altcoins in the top one hundred. Today it is back up 24 percent for no apparent reason again. Pundi X has made 15 percent as former member of the governing board of the Ethereum Foundation, David Ben Kay, gets appointed as President of the Function X Foundation. IOTA is the third altcoin in double digits at the moment. At the messy end of the top one hundred is Verge and Aelf dropping 7 percent each.
Total crypto market capitalization has shrunk by $7 billion in 24 hours as it returns to $267 billion. Bitcoin has been largely responsible for the decline as altcoin losses are largely comparable. On the week, however, markets are still up by almost 7 percent so the minor pullback is just that – at the moment.
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.
