Minor Relief as Crypto Markets Bounce From Another Yearly Low

FOMO Moments

A bounce from another 2018 low has occured; Stellar, Litcoin, Cardano, Zcash and Tezos recovering.

A minor bounce has offered a little relief for crypto markets this Monday as they are still reeling from another mass selloff over the weekend. Total market capitalization slid to a new yearly low below $115 billion on Sunday but markets have bounced off that and recovered somewhat over the past few hours.

Bitcoin, which has lost almost 44% since mid-November, hit a new 2018 low of just below $3,600 at 11am UTC yesterday. Since then it has managed to claw back 8% taking BTC back over $4,050. By all accounts more losses are likely as many now see a new support level at around $3,000 for Bitcoin.

Again, Ethereum has dumped even harder as it fell dangerously close to $100 before recovering 10% on the day to get ETH back to $115 at the time of writing. Its market cap has dropped to $12 billion as XRP accelerates away in second spot.

Most altcoins are recovering today from their worst day of the year on Sunday. During the Asian trading session this morning Stellar, Litecoin and Cardano have pulled back double digits from their lowest levels for well over a year. EOS  is currently battling with XLM for fifth spot and even briefly passed Bitcoin Cash in fourth a few hours ago before dropping back. It is currently trading around $3.37 which is almost 85% off its all-time high.

The top twenty is seeing a similar recovery following a day of extreme pain yesterday. Zcash and Tezos are clawing back double figures at the moment, Iota, Binance Coin and Neo not far behind.

A huge fomo driven pump is happening at Sirin Labs Token which has surged 96% on the day. Yesterday’s big dumper, Monacoin, has made all of its losses back today with a 40% pump. Polymath and Ravencoin are also recovering well right now. In a rarity for the top one hundred there are no altcoins in the red at the time of writing.

Total market capitalization has recovered 7.5% on the day as almost $15 billion flows back into crypto markets following their huge slide over the weekend. Markets are currently just above $130 billion which is still down 27% since this time last Monday. This bounce has provided a little relief but cryptocurrencies are still on the floor.

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.

The post Minor Relief as Crypto Markets Bounce From Another Yearly Low appeared first on NewsBTC.

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