Bitcoin

No Recovery Bounce As Crypto Markets Remain Crushed

No Recovery Bounce As Crypto Markets Remain Crushed

FOMO Moments

Crypto markets are still on the floor; Stellar, BAT and Ox recovering, BCH and BNB still falling.

There has been no recovery or rally from Wednesday’s crypto rout which resulted in almost 30 billion dollars being wiped out. Markets remain depressed as we end the week and are still languishing at their lowest levels this year.

Bitcoin appears to have found its new trading level for the time being which is around $5,600. BTC could not muster any momentum over the past 24 hours and is currently trading at $5,620 after dropping to another yearly low of $5,360 last night. Ethereum is also depressed pulling back a miserly one percent to take it just below $180. This has prevented ETH retaking second spot in the market cap charts.

Altcoins are slowly starting to recover but only one or two are making any progress in the top ten at the moment. Stellar is leading the way with a 7.5% gain on the day to $0.245, XRP is also recovering a little with over 4% added on the day. The rest are immobile with Bitcoin Cash still dropping despite its successful hard fork and hash power victory.

Tron, Iota and Bitcoin Gold are making the best progress in the top twenty but gains are small at around 3%. The rest are moving a percent or two aside from Binance Coin which has lost more ground falling back another 2% today.

The altcoin getting the fomo treatment at the time of writing is WAX which has pumped 17% since the same time yesterday. Also recovering well today are the two recent Coinbase listings, BAT and 0x both regaining 10 and 13 percent respectively. Predictably dumping today is yesterday’s pump token, Nasdacoin dropping 13%.

Total cryptocurrency market capitalization is still at $185 billion and showing no real signs of recovery yet. A new yearly low was hit yesterday when markets slumped to $175 billion. As trade volume levels off this seems to be the new plateau for now, however if the bulls do not wake up soon another slide could be inevitable.

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.

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