Crypto markets inch up slowly; Litecoin and Tezos on a charge, BSV falling further back.
Market Wrap
As we end another week in crypto land markets are starting to pick up a little. There has been no major breakout for Bitcoin yet but some of the altcoins are doing well and green is back in the tables. As a result total market capitalization is back over $250 billion again.
Yet again Bitcoin pushed just above $7,900 for an intraday high before pulling back. It subsequently dropped below $7,500 again hitting support for a double bottom. At the time of writing BTC is back to $7,900 trading flat on the day.
Ethereum has done virtually nothing over the past 24 hours and is still lulling just below $250. ETH is very unlikely to move until its big brother does, and it will definitely be in the same direction.
There is a little more activity in the top ten during today’s Asian trading action. Green dominates over red and Litecoin is the clear leader with a push of 10 percent to $113. Less than 60 days to the halving is driving momentum for LTC which is likely to climb higher in the coming weeks. Market cap has now surpassed $7 billion and it is very close to flipping BCH for fourth. XRP is the other mover today as it gains 5 percent as rumors of a MoneyGram buyout circulate. BSV continues to get dumped.
The top twenty cryptos have seen a lot of movement from Tezos which has surged 14 percent to $1.36. There does not appear to be a lot fundamentally feeding the fomo aside from rumors that Coinbase Custody is loading up on XTZ. The rest in this section are a percent or two in either direction today.
FOMO: Metaverse ETP Pumps
ETP is getting another spike today as it rises 16 percent following a recent Finwise event in Hong Kong. Aside from Tezos, HyperCash is also doing well gaining 13 percent on the day and Decentraland is up 11 percent.
Getting dumped at the messy end of the crypto top one hundred is Maximine Coin sliding 18 percent. Yesterday’s pump, SOLVE, is today’s dump as it drops 14 percent and the crypto stalwart MaidSafeCoin is losing out on the day sliding 11 percent.
Total crypto market capitalization has picked up marginally, adding $3 billion to reach $253 billion. Volume is at $70 billion and the minor move not been enough to signal a wider break out yet. All eyes are still on Bitcoin which has dropped back in dominance slightly at the expense of Litecoin.
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.