Crypto markets correcting this Sunday; Bitcoin Cash, SV and Crypto.com dumping, BNB, BitTorrent Token and Tezos still up.
Crypto markets have started to pull back following their $6 billion pump yesterday. Sunday’s action has been somewhat slower as total market capitalization drops back below $140 billion and a selloff starts as day traders take profits.
Bitcoin could not hold yesterday’s high of $4,080 and has fallen back a little. BTC still remains above $4,000 but only just, this heavy resistance zone has proven very difficult to overcome. At the time of writing BTC is trading at $4,020 and volume has dropped below $10 billion indicating that the rally is running out of steam.
Ethereum has also fallen back below $140 after hitting a three week high of $145 yesterday. The 3.4% decline could accelerate losses back to the low $130 area where ETH traded for most of last week. XRP is also falling back but not as severely as Ethereum, closing the market cap gap up again.
The top ten is pretty much all in the red during the day’s Asian trading session. That is all except Binance Coin which is acting like a stablecoin again as traders drop their altcoins and convert back into BNB or USDT. BNB has currently bucked the trend and has made 4.5% today to reach $15.80 following lackluster performance yesterday. Bitcoin Cash is dropping the most after its huge pump yesterday as BCH falls 5% back to $150. The rest are dropping a couple of percent as the market corrects.
The top twenty is also showing losses across the board at the moment with Bitcoin SV the biggest loser with 5% shed. The rest are cooling off and dropping a percent or two.
FOMO: BitTorrent Token Testing Highs
There are no major pumps going on at the moment but the only altcoin in double digit gains is BTT which has climbed 12% on the day. The pump which started a couple of hours ago resulted in a volume jump of five times from $12 million to $64 million, most of which traded on Binance. The early access program has just been launched and more airdrops are approaching which could be driving momentum;
Tezos is also one of the top one hundred’s top performers at the time of writing. XTZ pumped over 8% after the rally yesterday and has maintained most of those gains. The move has taken Tezos to a two month high of $0.50, the token has since pulled back marginally but is still riding high this year. ABBC Coin is also having another pump today with a similar move of 7%.
Massive profit taking is going on with Crypto.com’s CRO token as it dumps 25% today. Following a 500% pump in less than a week the inevitable has started and the dump begins, where it will stop remains to be seen. Aurora is also suffering today with over 8% lost.
Total crypto market capitalization has cooled off and dropped back below $140 billion, losing a couple of percent from Saturday’s rally. Volume is back to $30 million and markets could see further losses if day traders continue to sell off their altcoins.
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.