Crypto markets remain sideways; Litecoin still surging, BNB and Cardano doing well, Bitcoin and ETH flat.
As the crypto consolidation continues markets have fallen back again following a day of minor gains. There is still no sign of this correction that everyone is expecting as total market capitalization remains above $250 billion and Bitcoin remains sideways.
Bitcoin fell back to $7,780 yesterday before recovering back to $8,050 during Asian trading today. As was the case yesterday, BTC dropped back below $8k pretty quickly and is still trading there, flat on the day. Unless the bulls can take it above $8.2k BTC will remain range bound.
Predictably Ethereum has also done absolutely nothing and remains trading at $248, a fraction higher than it was this time on Tuesday morning. ETH is still hopelessly tied to Bitcoin and is likely to remain so until some fundamentals kick it into gear.
The top ten is a mixed affair during the morning’s trading session. Many altcoins have not moved at all since yesterday but one is showing a lot of strength with a 34 percent gain on the week and another 9 percent added today. Litecoin has turned $125 from resistance into support and has surged to $140 as the halving fomo heats up. Analysts expect LTC to reach $150 before traders start taking profits and it retraces a little. Binance Coin is the only other one moving with a 4 percent gain to reach $33.
The top twenty is looking equally mixed today with Cardano leading things adding 5 percent to $0.088. Tron, IOTA and NEO have notched up a further 2 percent each but the rest remain flat, unchanged from yesterday.
FOMO: Egretia Emerges
Entering the crypto top one hundred with a spike of 30 percent is EGT which is now priced at $0.015. OKEx is driving momentum for this Singapore based video gaming token with a series of giveaways.
— Egretia (@Egretia_io) June 10, 2019
Zcoin is also on a pump today as XZC adds 20 percent largely driven by crypto exchanges in Thailand. WAX is the third best performer today with a rise of 11 percent. Such a surprise at the red end – it is Aurora again dumping 23 percent; this altcoin is so predictable that everyone should be trading it.
Total crypto market capitalization is up a tiny fraction from yesterday at $256 billion. The mini $6 billion dump was quickly recovered meaning that markets are still at the same level and still consolidating. Nothing is likely to happen until Bitcoin makes a bigger move, its dominance has been steadily eroding this month and it is now down to 55.4%.
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.