Market Wrap
Crypto markets in selloff this Friday, XRP dumping recent gains, Tron and Stellar falling, NEM collapsing.
As expected crypto markets are starting to fall back again as we end the week. Strong down trend lines cannot be broken and the majority of crypto assets are retreating once again as total market capitalization drops back to $112 billion.
Bitcoin hit its resistance at $3,500 once again as its intraday high but bounced off it pretty quickly falling back to a low of $3,440 where it currently trades. The decline equates to a loss of 1.5% on the day and BTC is looking bearish and likely to extend losses down to $3,200.
A weakened Ethereum has dropped 3.5% over the past 24 hours as it falls back to $105. Double digit ETH prices are looking imminent once again and it is only $20 away from its lowest level for 18 months. XRP has fallen further following its pump during the week. A 7% dump on the day decreases the gap back to $1.4 billion as XRP wipes out yesterday’s gains.
The top ten is a sea of red during Asian trading today as the Friday selloff accelerates. Tron and Stellar are shedding 6% at the time of writing with Bitcoin Cash close behind dumping 5%. Market caps are dwindling again as altcoins lose all recent gains.
More pain can be seen in the top twenty, aside from Binance Coin which is the only one in the green right now. BNB has made 2.3% on the day currently trading at $6.3 it was one of only three altcoins in the top twenty to make a gain during January. Cardano and Iota are dropping 5% while NEM gets smashed 14% as yesterday’s news of possible bankruptcy circulates.
There are no big fomo pumps going on at the moment, no cryptos in the top ten are trading in double digits. ODEM is the best performer at the time of writing though with an 8% gain on the day. There are two other altcoins joining XEM on double digit dumps today; Pundi X and Zilliqa both dropping 10%.
Total market capitalization has declined again as predicted. Another $3 billion has been dumped as markets retract by 2.8% back to $112 billion. Since last Friday markets have lost 6.3% and further declines are expected, which may come over the weekend. Bitcoin dominance is back up to 53.6% but it too is looking weak at the moment.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals