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Crypto Market Wrap: Binance Coin Flips IOTA as Markets Slide

Martin Young by Martin Young
4 years ago
in Cryptocurrency news, Market Wrap
Reading Time: 2 mins read
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Market Wrap

Crypto markets falling back again, Tron staying put but Ethereum , BCH and Iota sliding again.

The tedium continues as crypto markets pull back again today in a slow downward slide. Total market capitalization has dropped back below $120 billion, and with no signs of bullish momentum further losses look likely.

Bitcoin bounced off resistance at $3,600 a few hours ago and dropped back a fraction to $3,570 where it currently trades. Daily volume has remained over $5 billion but there are no signs of any form of recovery which only means one thing; the bears are still in control of Bitcoin.

Ethereum is even weaker today with a 2% slide to $116. From a seven day high on Saturday ETH has dumped 7% and looks to test support at $114. XRP remains $700 million ahead of ETH in terms of market cap as it only drops one percent on the day.

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The top ten is all red aside from Tron which has managed a small gain of 1.5%. Big airdrop momentum is likely to keep TRX buoyed up for a week or so. Bitcoin Cash is losing yesterday’s gains and the rest are sinking back a percent or two during today’s Asian trading session.

A similar pattern is playing out in the top twenty as it too is completely red at the time of writing. Iota has dumped the most losing 4% which has enabled Binance Coin to flip it and take twelfth spot with a market cap of $837 million. Dash and Ethereum Classic have shed 2% each and the rest are flat or falling marginally.

Holo is pumping again with a 37% fomo induced surge today. DigixDAO is the only other altcoin in green double digits at the time of writing as DGD adds 12%. Very few other cryptocurrencies are making any significant gains today. Mixin and Loopring are dumping 18% each at the moment, TenX is not far behind with a 15% loss on the day.

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Total market capitalization is back at $119 billion after losing over a percent on the day. Things were equally inactive this time last Thursday and there has been little movement all week. Since the post-Christmas dump markets have been range bound between $120 and $135 billion but they appear about to fall through the bottom of that channel 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.

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Tags: Asian trading sessionBCHBinance CoinIOTAmarket wrapTRON
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Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

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