There’s been almost no change with the crypto markets today and the market capitalization is on a downward trend. Majority of the crypto-board is red and the Top 10 is mostly in the red again. It seems that everyone is waiting for a signal but there’s been almost no good institutional news for days.
The market capitalization has been flatlining for several days now and is coming up and down the $110 Billion level. Today it grazed $108 Billion again after going as high as $111 this morning. The 24-hour volume is at an absolute low at $10.9 Billion. The bitcoin dominance is still at 54.9%.
Bitcoin is still rangebound and attempts to go above $3400 is being rejected for three days now. It’s been hitting a range of $3600 and $3300 and has not been able to move beyond. Earlier this morning, it has touched as high as $3530 before coming down to $3409 at the time of this writing. The capitalization though is almost getting back above $60 Billion which might be a good sign for the short term although there is still an air of indecision on the market. Several news outlets have posted about new investors coming to the market this bear market and it remains to be seen whether this will have an immediate effect.
Ethereum is currently trading at $89.25 after correcting from another low at $85 yesterday. It is again stuck below $90 and still very far from $140 which analysts are pegging to be the price to close the year. It is likely to correct higher in the short term, according to the said analysts.
The rest of the Top 10, most of them attached to Bitcoin movements, are, as mentioned earlier, are all in the red. Bitcoin SV lost -4.50% and is now at $86.46 at the time of this writing. Bitcoin Cash is now logged under $100 with -4.18% loss on the day. The market cap is being chased by SV and it might swing back any moment now. Litecoin is next with a -2.13% and is below $25 again at $24.15. The others have minimal losses and gains.
The Top 25 has some good coins today -Waves have surged with 10.52% gains on the day and exchanging hands at $2.04. Maker, though below double-digit gains have merited a mention because it is green at 5.18% growth on the day. On the other end, Neo, Monero, Binance Coin, and Zcash are at 3-4% losses.
Down the Top 100, there are no coins that have been hitting absurd levels like yesterday’s DEX performance. But above 10%, there’s TenX, DEX, Qtum, Dentacoin, and Hypercash at 10-13% gains on the day. Apart from that, most are red with 1-5% losses except for Revain dumping -12.96%.
Overall, the downward pressure is still strong. For the entire market, this weekend might be defining where we are headed as the sudden drop in volume usually drives the market either up or down.