Crypto Market Wrap: Altcoins End Month on a High, Are Further Gains Likely?

Crypto markets remain in reasonable shape; Tezos still running, BNB and Dash close behind, EOS cooling off.

Market Wrap

There have been marginal declines for the majority of cryptocurrencies over the past 24 hours but crypto markets remain at their highest levels for the month with total capitalization still above $140 billion and looking to climb further.

Around this time yesterday Bitcoin actually made it to $4,200 but sharply fell back as it has done before. For most of Saturday BTC remained at $4,100 where it currently trades however volume has been falling and is presently below $9 billion, its lowest level for almost a week. An ascending channel for the past four days indicates that further gains could be imminent.

Ethereum has held above $140 for now but has weakened by a percent on the day. A big move by BTC is likely to pull ETH with it, whatever direction it turns out in. Ethereum is now a clear $2 billion ahead of XRP though which continues to fall back as it has done all month.

The top ten is mostly in the red during today’s Asian trading sessions though losses are minor. EOS is taking the biggest hit following a few solid days’ gains and the Bithumb hack as it falls back 3.3%. As traders take profit from altcoins and move into stablecoins BNB is pumping yet again adding 6.5% to reach $17.50. The rest have not moved much over the past 24 hours.

Top twenty action is equally lethargic this Sunday with only Tezos showing any solid movement. XTZ has added a further 10% taking it very close to $1 as the Coinbase Custody fomo continues. Dash is the only other altcoin doing well in this section with a 5% climb to surpass $100. The rest are dropping a percent or so at the time of writing.

FOMO: Bibox Token Moving Up

Today’s big pump goes to BIX which has surged 40% over the past 24 hours. The New York based crypto exchange token is on a roll at the moment as the fomo drives it higher but Huobi is getting more trade than Bibox itself.

Elastos is the other altcoin spiking right now with a 35% ELA pump in the past few hours taking it over $4. Repo is also cycling its pump & dump action with another 30% back up today.

Getting bashed is ABBC Coin dropping another 11% as it is the top one hundred’s worst performer at the moment and the only coin in a double digit loss.

Total market cap 24 hours. Coinmarketcap.com

Total crypto market capitalization has remained flat at $143 billion for the best part of the past 24 hours. It would be considered down if we take into account the obscure spikes that happened this time yesterday. Otherwise things are looking pretty reasonable at the moment as all eyes turn to Bitcoin and its challenge to overcome resistance yet again.

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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