Crypto Market Wrap: Altcoins Surge Double Digits as Volume Hits Record High
Crypto markets surge to new ten month high; Ethereum, XRP, Stellar, Tezos and NEO leading the way.
Market Wrap
For the second day in a row crypto markets have surged hitting a new 2019 high and a level not seen for ten months. Bitcoin has remained buoyed up and the altcoins are now revving up to boost total market capitalization up another $10 billion to $245 billion.
Bitcoin took a dive back to $7,700 a few hours ago but traders in Asia have lifted the king of crypto back over $8,000 again. BTC is currently trading level on the day at $8,030 and holding steady for now. Further gains are looking unlikely, but we said that when it crossed $6,000!
Ethereum is heating up today as Bitcoin starts to show signs of possible cooling. Rock bottom priced ETH surged 11 percent from an intraday low of just over $200 to just below $230 where it currently trades. This is the highest level Ethereum has seen for seven months as its market cap pushes past $24 billion.
$ETH Daily Chart.
Getting close to major resistance. But it also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.#ETH #ethereum pic.twitter.com/OCsugcazCZ
— CryptoFibonacci (@CryptoFib) May 15, 2019
The top ten is mostly in the green with several altcoins getting double digit FOMO for the first time in months. XRP has extended its run with a further 13 percent on the day to pass $0.43 and Stellar is mirroring its performance as it has done in the past with a 9 percent pump for XLM to $0.12. Cardano is still going strong adding 8 percent as Bitcoin Cash starts to pull back dropping 3%.
A solid wall of green has enveloped the top twenty during Asian trading. Tezos is having a moon shot with a 22 percent taking XTZ to $1.63. NEO is finally getting a massive 14 percent pump to reach $12 and Ontology is adding 12 percent on the day. Even Tron has woken up finally with a 10 percent gain bringing TRX back to $0.029.
FOMO: Project Pai Pumps
There is a lot of FOMO going around at the moment but PAI is getting the most of it with a 25 percent surge on the day. The AI based crypto token has been battered with the rest but is having a rare moment today. As mentioned Tezos is going well with 22 percent and Ravencoin is the third altcoin gaining over 20 percent today.
Taking a hit at the moment is ABBC Coin as it dumps 13 percent today, closely followed by Factom dropping 8 percent. Yesterday’s pump, Holo, is dumping today as expected.
Total market capitalization 24 hours. Coinmarketcap.com
Total crypto market capitalization has surged by $15 billion in the past 10 hours or so. Daily volumes are at record highs hitting $107 billion a couple of hours ago propelling market cap to $245 billion. A staggering 32 percent increase has been recorded for crypto markets since the same time last week equating to a cash injection of $60 billion.
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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OhNoCrypto via https://www.ohnocrypto.com/ @Martin Young, @Khareem Sudlow