A Quiet Weekend For Bitcoin, Altcoins Beginning To Look Distressed

The weekend is coming to an end and the crypto markets -most especially the altcoins, are struggling to maintain its gains for the past days. The reds remain protected at support though and the price correction is still on a manageable level.

 

During the surge upwards, the market capitalization went as high $186 Billion. It dipped during the weekend and today is a touch lower than yesterday at $183 Billion. The trading volume is still stable at $51 Billion and the Bitcoin dominance finds itself once again at a new 2019 high at 55.7%. This high dominance means that Bitcoin is leeching off investment from altcoins.

 

The Bitcoin remains strong although it has dropped to $5770 at the time of this writing with a loss -0.65% on the day. Nothing much has changed since yesterday including the capitalization at $102 Billion and the trading volume at $16.7 Billion. This support level has validated the recent rally and the market is now watching for the next resistance at $6000. When Bitcoin retests the $6k level, the momentum can push the market once again but may be at altcoins expense.

 

 

Ethereum continues to be weak and has managed to drop some more during the past day. It has lost -1.37% on the day to trade at $163.24. While it is still above $160, there has yet to be a solid gain for Ethereum which is now hanging by a thread as it waits for Bitcoin to move. XRP is also dull and unmoving for the past days. It has lost -1.14% for the past day and is now trading at $0.302 from yesterday’S $0.305.

 

 

For much of the weekend, the altcoins were in the red, with marginal losses which signify that they are still protected despite the seeming drop. But the past hours have not been as kind and the reds are going deeper at the time of this writing. Bitcoin Cash has recovered a bit from the price correction with a gain of. 0.63%. This is the only asset that is currently green at the moment. At the top of the losers are Cardano and Stellar. Cardano continues to bleed with today’s loss at -3.67% to trade at $0.066. Stellar has lost -2.92% for the past 24 hours and exchanging hands at $0.098. The rest of the coins are at 0-1% loss.

 

The Top 25 has the same story with only Bitcoin SV on the green with a 1.64% gain on the day. Tezos is dumping with a loss of -7.71% on the day. Cosmos has finally caught up with the price correction after mooning for almost a week. It has lost -6.47% and is trading at $4.87. Crypto.com Chain is also dropping with a loss of -5.06% on the day.

 

Down the Top 100, there has not been any new pumps or dumps since yesterday. It continues to be a quiet weekend and there’s not much to report.

Leave a Reply

Close Menu
%d bloggers like this: