Crypto Market Wrap: Will $3 Billion Recovery Lead Markets Higher?
Crypto markets recover from correction; Litecoin, BNB, Stellar and Dash going strong.
Crypto markets have bounced back from the dip yesterday to the same level they traded at for the past few days. The minor dump dropped markets back to $130 billion but they have since recovered back to resistance levels again.
Bitcoin is having a tough time breaking through heavy resistance at $4,000. Two intraday highs of $3,920 were reached but BTC was unable to push past this level and has remained at just over $3,900. Volume has fallen back below $10 billion but BTC remains range bound at the moment.
Ethereum has been sliding all week, it is up on yesterday’s prices but down in general. Currently trading at $133 ETH is still ahead of Ripple’s XRP by $1.2 billion. XRP has shown similar declines and is back to $0.309.
The top ten is mostly in the green during today’s Asian trading session. Three altcoins are making most of the gains though. Litecoin has added 5% to reach $57 and increase its lead over EOS in fifth. Binance Coin is motoring yet again with a 6.5% gain to $15.4 as it chases down Bitcoin Cash in sixth spot. Stellar is the third altcoin gaining today with a 6% push to $0.104 as it is poised to flip Tether when XLM reaches $2 billion market cap.
The top twenty is all green at the moment and Dash is moving the most with a daily gain of over 11%. According to studies Dash has been one of the top three performers since initial exchange listing. Today it has topped $92 and is the best performer in the top twenty.
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Sunday January 26, 2020
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Monero, IOTA, NEM and Zcash have also recovered 5 to 6 percent since yesterday’s dip. VeChain also needs a mention as it is pumping 17% at the time of writing.
FOMO: Crypto.com Crushing It
Today’s epic pump is Crypto.com’s CRO token which has surged over 100% on the day and is the top one hundred’s top altcoin. The payments platform token has just been listed on Indonesia’s top exchange, Indodax which has driven the spike.
Komodo is also having a strong rally with a 33% surge at the time of writing. Maximine Coin has just entered the top one hundred with a 32% spike today and Zcoin is not far behind gaining 25% on the day. At the red end of the table is ABBC Coin, getting beat up and dumping 14% today. Theta, which has pumped recently is dumping again now with a similar loss.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has returned to $134 billion, adding $3 billion since Tuesday’s minor correction. The 2.3% gain has returned markets to their consolidation channel where they have spent the best part of last week. Daily volume is still at $30 billion and Bitcoin’s dominance continues to slowly decline as altcoins are driving markets at the moment.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Tuesday January 28, 2020
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