Crypto Market Wrap: Correction Cools Off But May Not Be Over Yet
Crypto markets recover from their epic plunge; Binance Coin, Cosmos, NEM bounce back, Tezos still falling.
Market Wrap
The brakes have been put on the big crypto pullback for now as things settle down while we enter the weekend. Bitcoin’s plunge had been halted above $7,000 yesterday and the altcoin avalanche came to an end, for now. Total market capitalization has moved back above $230 billion once again.
Bitcoin hit an intraday low of $7,045 a few hours ago but has already begun to march back upwards and is currently trading above $7,400. Volume, however, is starting to trail off which could be a sign of further downsides. The correction may not be over just yet.
Ethereum has remained stable over the past 24 hours and is trading just above $240. Since last weekend ETH has pumped an epic 37 percent and things are still very bullish in this camp.
The top ten is back in the green again during early morning Asian trading. Binance Coin has rebounded with a surge of 8 percent following yesterday’s double digit dumps. This has sent BNB back over $26. Stellar and Cardano are both recovering 4 percent today following their 14 percent dumps yesterday.
The top twenty is also starting to regain its composure after yesterday’s digital avalanche. Leading things at the moment are Cosmos and NEM both getting an 8 percent boost. Tron and IOTA are both up over 5 percent and the rest are all up a little. That is aside from Tezos which is in the red dropping 3 percent at the time of writing.
FOMO: SOLVE Surges into The Top 100
Today’s FOMO goes to SOLVE which has pumped 37 percent entering the top one hundred. South Koreans are all over it on Upbit which is getting over 60 percent of the total volume. The Ukrainian healthcare administration and payments based blockchain project token is selling like hot cakes at the moment.
BitTorrent Token is also getting a dose of FOMO as it pumps 28 percent on the day and Holo is the third altcoin above 20 percent. There are no major dumps going on right now but at the bottom of the pile is Dent and Tezos.
Total market capitalization 24 hours. Coinmarketcap.com
Total crypto market capitalization has regained a couple of percent to reach $232 billion today. After such an epic dump which lost over $30 billion it was inevitable that cryptos would pick up a little, however. Daily volume has dropped back to $93 billion (which is still very high) and the weekly and monthly uptrends are still holding for now.
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