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Crypto markets rallying again; EOS on a charge, Cardano flips Tron, Binance Coin pulling back.
Market Wrap
Crypto markets have rallied once again following a two day dump that dropped almost $5 billion off total market capitalization. The dip saw markets slide back to a ten day low but momentum has turned around once again pushing total cap back over $140 billion.
Bitcoin fell to an intraday low of $3,940 but started to rally a few hours ago as it pushed back over $4,000 again. At the time of writing BTC is trading at $4,040, up almost 2% on the day and still climbing. Volume is up to $11 billion and the move has lifted markets in general.
Ethereum shadowed the move with a 2.3% rise back to $138. ETH has still been pretty flat for the past month and has not been able to break $145. XRP has not moved a great deal with only 1.6% gained to reach $0.308. The gap between second and third places has increased to $1.7 billion as the Ripple token continues to weaken.
The top ten is pretty much all green during today’s Asian trading session but one altcoin is charging ahead. EOS has made 11% over the past few hours jumping from $3.64 to over $4 putting it at a new monthly high. Daily volume has jumped from $1.5 billion to $2.2 billion and EOS is the top performer in the top fifty at the moment. Weiss Ratings claiming EOS is the top token in its latest report has no doubt added to the momentum.
Cardano has also had a solid run with 6% added as ADA flips Tron and re-enters the top ten. Bitcoin Cash and Stellar have both made 3 – 4 percent and Binance Coin has dropped back a little. The top twenty is all green at the moment with Monero, Ontology, NEO and Tezos all adding over 3% on the day in a pump that initiated a couple of hours ago.
FOMO: Enigma Enters the Top 100
An epic pump is going on at Enigma as ENG surges into the top one hundred with 48% added today. The Enigma protocol aims to solve blockchain privacy and scalability issues and its ENG token is flying today. It is currently being heavily traded on Binance which has 65% of the total volume. WaykiChain is also getting some fomo today as it pumps 16%
Getting dumped is last week’s fomo token Ravencoin which has dropped 10% today despite markets climbing. The pump and dumps on low cap cryptos is pretty predictable as we see the same cycles happening on the same coins.
Total crypto market cap has increased almost $5 billion over the past few hours as a new rally takes total capitalization back to $141 billion. The 3.7% market increase has taken markets back to their weekly high as volume climbs to $36 billion. EOS has been largely responsible for the gains as Bitcoin dominance falls again, back to 50.5%.
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.
