Cryptocurrency Trading Update: Is The Tide About to Turn For Crypto Markets?
The tide is out for crypto markets; Tezos, 0x gaining, Bytecoin waving goodbye.
The stagnation continues today as markets have fallen back a fraction during the morning’s Asia trading session. Dropping back below $220 billion total market capitalization for the tenth time in the past month, things are going nowhere in crypto land.
Bitcoin is just about holding ground above $6,600 and has retracted a fraction of a percent on the day. Neither bulls nor bears are getting their teeth into BTC at the moment. There is equal torpor on Ethereum markets right now as ETH has declined a touch since yesterday and is trading at around $226.
Altcoins are all red today but losses are marginal and things are still very lethargic on the markets. According to Coinmarketcap Stellar is falling back the most in the top ten with a 2% decline to $0.242 for XLM. The rest are dropping between one and two percent on the day, losing those tiny gains they have made over the past two days.
Further down the list the top twenty paints a similar picture with all altcoins falling back a percent or two. Only Tezos is making a gain as XTZ climbs 4% to $1.41 at the time of writing. It is the only altcoin in the green in the top 25 right now. Just outside at 26th is 0x which is making a positive move of over 6% at the moment.
As usual there are a few fomo-driven pumps going on for the more obscure alts and these include Eternal Token up 26%, and Noah Coin and Nebulas jumping 16-18 percent on the day. Behind those are Elastos and Dentacoin, both over ten percent higher today. Getting beat up is Bytecoin dumping 20% after being delisted by Binance. Decred is also falling back along with CyberMiles and Populous which had their pumps.
Total crypto market capitalization has changed by a fraction of a percent overnight dropping back to $219 billion. Trade volume is a lethargic $11 billion and markets are still extremely sluggish. It has been the longest period of inactivity this year which could be a good sign that the tide is out and the bottom is in.