Markets a licking wounds from yearly lows; altcoins clawing back a little.
Cryptocurrency markets are flattening out and are not bouncing back. There has been a small recovery since the lowest level of the year a couple of days ago, but nothing significant enough to indicate that the weather is about to clear in crypto land.
Bitcoin has held above $4,500 and is inching towards $4,600 trading just a percent higher on the day at $4,580. A number of analysts had predicted this price level so it may well be stuck here for a while. BTC trade volume is falling and market cap remains under $80 billion. Ethereum is still in a bad place, having remained static on the day ETH is still at $135.
Altcoins are showing green gains at the moment but none of them are indicative of a rally. In the top ten Litecoin has more than 2% on the day, but it along with Cardano fell the hardest so it really doesn’t mean much. Bitcoin Cash is still in the red falling another 3%, the tech woes both forks have had since their split have kept prices on the floor, around $230.
Nem is showing the biggest movement in the top twenty at the moment with a 4% rise. A couple of other altcoins are recovering over 3% on the day and they include Dash and Tezos. Zcash and Bitcoin Gold are still falling over 3% since yesterday.
Big fomo pumps are happening for Nexo, Loopring and Golem all up 15-17 percent at the time of writing. Dumping double figures at the other end of the top one hundred chart is Metaverse ETP.
Total crypto market capitalization is pretty much at the same level it was this time yesterday, around $149 billion. Trade volume has slid from $23 to $16 billion indicating that things are slowing down again and markets may have found their new plateau for now. In fifteen days a third of the cryptocurrency market has been wiped out resulting in a loss of over $70 billion since November 7.
Bitcoin dominance, despite its fall, is currently at 53.2% as most of the pain has been felt by Ethereum and Bitcoin Cash.
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.