Market Wrap
Crypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.
Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.
Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.
Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.
In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.
Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.
Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.
Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.
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