Crypto Market Wrap: Altcoins Get Eaten as Bitcoin Cranks Higher

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Crypto markets remain sideways; Only Bitcoin has moved, XLM and BNB dropping, Monero rising slowly.

Market Wrap

Crypto markets have inched backup a little today as Bitcoin makes another push towards resistance in the mid $9.5ks. BTC is still clearly in the driving seat and altcoin gains are marginal in comparison. Total market capitalization is back above $285 billion and heading towards a new 2019 high.

Following a day or two of consolidation Bitcoin broke out again in a one hour spike sending it to an intraday high of $9,350. Since then gains have held as BTC hovers around its highest price for over a year. A huge wall of resistance lies just above this level so further consolidation here is likely for the coming days.

Ethereum has done nothing again, not even getting a gain off Bitcoin’s 2 percent pump. ETH remains stagnant below $270 and further losses appear imminent. There is still support at $260 which is holding but there has been very little momentum for Ethereum all week.

Altcoin Outlook

The crypto top ten has done very little over the past 24 hours with most coins moving less than a percent in either direction. The biggest movement has come from Stellar dropping another 2 percent and looking extremely weak. BNB is also down by a similar amount.

Very little is going on in the top twenty during Asian trading today. Monero is the only altcoin gaining as it makes 3 percent to top $100. Losing 3 percent are Cosmos and NEO. Tezos has now dropped out of the top twenty dumping another 4 percent today.

FOMO: MaidSafeCoin Making It

There are no major pumps going on at the moment but the top performing altcoin in the top one hundred is MAID getting 13 percent. Nothing much is driving it aside from the usual anti Facebook rhetoric that everyone in crypto already knows.

Egretia is the second best performer grabbing 8 percent today. Getting dumped is yesterday’s fake pump, Insight Chain, as INB drops 12 percent. Ardor is also falling back hard with a 7 percent loss on the day.

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Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has increased by $2 billion or so on the day. This is pretty much all Bitcoin as the daddy drives markets to $288 billion. BTC dominance is still over 57 percent as the altcoins remain asleep 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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