Cryptocurrency Market Update: Another Rebound Which May Not Last

FOMO Moments

Markets rebound again, but have a long way to go; Monero, Nem and Zcash rising Bitcoin SV dumping hard.

There has been another rebound today as markets bounce between two low levels. Yesterday’s decline has reversed as that $7 billion has been funneled back into crypto today to take market capitalization back over $130 billion again.

Bitcoin has pulled back the 7% it lost yesterday to take it back above $4,000 again, but only just. BTC hit that support zone of $3,650 for the third time yesterday and bounced off it again. A short spurt a few hours ago has propelled Bitcoin back towards its resistance level at $4,100 which it has also hit a couple of times.

Ethereum is slow to do anything these days though it has been dragged back from the sub $100 cliff by 7% to $115 at the time of writing. It is completely tethered to the movements of Bitcoin at the moment as most cryptos are.

Altcoins are generally in the green during the day’s Asian trading session. The biggest climber in the top ten over the past 24 hours has been Monero, gaining 11% to knock Cardano down to eleventh. Stellar and Litecoin have both clawed back 9%, Bitcoin Cash and EOS have moved very little, and Bitcoin SV has dumped 10% down to $90, sliding back down the chart it only entered yesterday.

Further down in the top twenty Nem and Zcash are making 12%, with Ethereum Classic and Neo close to 10% on the day. Continuing to fall back down the market cap charts along with Cardano is VeChain and OmiseGO.

Big fomo driven pumps at the fat end of the top one hundred altcoins list are happening for Bitcoin Private. A listing on Changehero has boosted BTCP which is up over 30% at the moment. Zilliqa, Digibyte and Verge are all making more than 17% on the day.  Joining Bitcoin SV at the messy end of the table is Factom and ODEM dumping all recent gains in a well repeated pattern. There are only a handful of altcoins losing ground today though.

Total crypto market capitalization has gained 5.6% on the day taking it back to $131 billion where it was on Monday. Trade volume is up to $18 billion which is higher than it has been for quite some time, discounting the big purge last week. Since the same time last Wednesday however markets are still down 9%.

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 Cryptocurrency Market Update: Another Rebound Which May Not Last appeared first on NewsBTC.

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