Crypto Market Wrap: $6 Billion Retreat From 2019 High, How Low Will it Go?
Crypto markets retreat after yesterday’s high; Binance Coin, Cardano, BSV, NEO, Ethereum Classic and Maker dumping, Tron survives.
Crypto markets are starting to correct as $6 billion gets dumped and traders take profits. The move was not unexpected as many had predicted a pullback for Bitcoin as it approached heavy resistance. The day after reaching a new 2019 total market capitalization has dropped back below $180 billion again.
Bitcoin hit an intraday high of $5,300 a few hours ago but could not break above it. It had recovered strongly from a low point of $5,150 during US trading the previous day but now appears to be correcting again as BTC falls back to $5,200. Big resistance looms ahead and the pullback has been predicted.
Ethereum has lost 3% on the day falling back to $176 from a 2019 high on Monday. ETH appears to have hit pivotal resistance at the 200 day moving average yesterday which it failed to overcome. If Bitcoin fails to hold above $5k, Ethereum will also fall along with the rest of the markets.
The top ten is a sea of red at the time of writing. Altcoins are starting to dump with the biggest losses suffered by Binance Coin and Cardano, both dropping 6% on the day. Bitcoin Cash and Litecoin have lost 4% as BCH flips LTC for fourth spot. XRP and XLM are about 3% down as the sellers gather momentum in fear of a big dump.
Top twenty losses are even greater with Bitcoin SV, NEO and Ethereum Classic dropping 7 percent a piece. Even a listing on Coinbase Pro could not prevent Maker dumping 7 percent today too. The only altcoin in the green in the top thirty right now is Tron which has made over 3% on the day as Justin Sun launches his own network;
1. Developments on SUN NETWORK.
2. 40+exchanges support #BTT.
3. #USDT–#TRON successfully tested airdrop on test network.
4. @TRONSCAN_ORG showed new transactions records.
5. @justinsuntron donated to HUPAN University established by Jack Ma.https://t.co/upp4neCcAQ
— TRON Foundation (@Tronfoundation) April 8, 2019
FOMO: REPO Dumping and Pumping
The top performing altcoin in the top one hundred right now is REPO up a whopping 90% following a dump of a similar amount yesterday. The extremely erratic price movements of this altcoin make it proper P&D material with very little fundamental basis. There are no other altcoins pumping at the moment although WaykiChain is up 9% on the day.
VestChain, having been reported as a scam coin, has dumped 46% over the past few hours. Maximine Coin continues to get battered losing another 15% today and Dogecoin is back in the doldrums with a 13% dump.
Total market capitalization has lost $6 billion over the past 24 hours as it retreats from a new yearly high to $179 billion. The 3% loss has not been unforeseen as corrections following new highs are inevitable. Altcoins appear to be leading the slide at the moment however as Bitcoin’s dominance climbs back over 51%.
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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