Crypto Market Wrap: Major Coins at Resistance, Consolidation Continues

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Crypto markets flat line again; Cosmos still climbing, Monero and Dash moving, XRP dropping back.

Market Wrap

Crypto markets have returned to the middle of their range bound channel holding on to yesterday’s gains but failing to push any higher today. There has been virtually no movement on the majors which has resulted in total market capitalization also remaining where it was yesterday.

Bitcoin spiked to $5,415 a few hours ago before pulling back sharply, since then it has been slowly grinding back up. BTC is marginally higher on the day and is back trading at just above $5,400 at the time of writing. Volume has dropped back a touch to $13 billion as the consolidation continues.

Ethereum remains weakened and is close to dropping back to its crypto winter resistance level below $140 if no further upside momentum is forthcoming. ETH is still trading just above $160 where there is major resistance.

The top ten has changed little over the past 24 hours though red is starting to dominate things during the morning’s Asian trading session. XRP continues to slide falling back a further 1.5 percent and in danger of dropping below the psychological $0.30 barrier which also serves as major support. The rest are unchanged from this time yesterday.

The top twenty is a little more mixed with slightly larger movements for most altcoins here. Cosmos has continued its momentum adding a further 7 percent today as it squeezes past IOTA to take fifteenth spot. ATOM still seems to be benefiting from the recent Binance listing. Privacy cryptos Monero and Dash have both notched up 3 percent taking them to $65 and $116 respectively while BSV, IOTA and Tezos have dropped a couple of percent.

FOMO: Aurora Alone in Double Digits

Another pump is going on at Aurora which is up and down like a pair of pigs on a honeymoon. AOA is today’s top one hundred altcoin and the only one making doubles as it adds 13 percent. Nothing appears to be driving momentum for this token which is often at the top or bottom of the performance charts. There are no others making moves at the moment.

At the other end of the scale things are equally lethargic with no major dumps going on right now. Project Pai however is currently the worst performer with a loss of 5.5 percent on the day. DigixDAO continues to weaken also, losing another 5 percent today.

Total market cap 24 hours. Coinmarketcap.com

Total crypto market capitalization has not moved since yesterday and remains at $175 billion. The chart is flat and the range bound trading continues with alternating days of green and red. By a number of accounts this consolidation is set to linger for some time so there is very little to report from crypto land today.

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.

The post Crypto Market Wrap: Major Coins at Resistance, Consolidation Continues appeared first on NewsBTC.

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