The bears are back in play; Dash surviving the dump, Bitcoin Cash, Cardano, VeChain sliding.
Rally anticipations have been quashed once again as markets are dumping. Just when a glimmer of hope started to shine in crypto land, the bears come back out and defecate all over it. Total crypto market cap has shed $4 billion in the past four hours, dropping back to around $215 billion.
Bitcoin is currently holding its place with only a minor dip back below $6,500. It is currently trading at $6,480 but further losses may be imminent if the bearish pressure is sustained. As quick as it climbed over the past few days, Ethereum has fallen. ETH is currently down 2% back to $214 as it failed twice to break resistance at $220.
Altcoins are suffering today, all red and wiping out gains made since the weekend. In the top ten Bitcoin Cash is falling fastest with a 5% slide to $587. Not far behind BCH are Litecoin and Cardano both losing 4% on the day. The rest in this group are down 2-4 percent since the same time yesterday.
Only Dash is staying buoyant in the top twenty with a 3% climb to $173 while around it is a sea of red. Iota and VeChain are losing the most at around 4%, Tron and Nem not far behind.
Getting a good dose of fomo in the top one hundred today is WAX and Polymath, both climbing around 7% on the day. BAT is also still trading strongly, up 6% following its addition to the Coinbase Pro exchange at the weekend.
The big dumps are not that devastating at the moment with only two altcoins losing more than five percent; Electroneum and Bitcoin Cash. The entire table is predominantly red though as markets suffer another attack of the bears.
Total crypto market capitalization has fallen 1.8% on the day resulting in a $4 billion loss to $216 billion. This could be a natural correction from a bullish four days as traders take short term profits. Markets are still up 4% on the week and the trend is still rising providing there are no further losses. Things have returned to the same level total market cap was at this time last month, the consolidation continues.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Author: Martin Young