Cryptocurrency Market Update: More Sideways Inactivity, Altcoins Immobile

Sideways trading for another day; Stellar and Neo slowly moving up, 0x dropping back.

Crypto markets are slowly losing ground as gains made during last week’s Tether induced pump are slowly being eaten away. Market capitalization has retracted slightly from the same time yesterday but is still just above $210 billion at the moment.

Bitcoin has dropped back a fraction of a percent today to bring it back to $6,550. The bulls do not have the strength to take it above the $6,600 resistance level so here it stays for another day. Ethereum is still very bearish with another drop today back to $205.

For another day the altcoins are mixed pretty much half and half. The top ten sees Stellar making the largest move with 4% added to take XLM to $0.242. Cardano is up slightly but the rest have fallen back 1-2 percent on the day.

Neo and Zcash are making the best momentum in the top twenty, both tokens trading over 4% higher today. Dash and Tezos however are both falling back 2-3 percent and the rest are pretty flat with little movement in either direction.

As usual there are a couple of fomo pumps going on with some of the more obscure altcoins further down the list in the top one hundred. Ravencoin, a new entry to this part of the chart, is up 26%. PIVX and Odyssey are also climbing 14-15 percent at the time of writing. These spurts usually reverse within a day or two when the coin predictably dumps again.

Losing ground today is Electroneum and 0x dropping over 7%. ZRX recently jumped over 40% on a Coinbase listing but has dumped a lot of those gains just as quickly as rumours of insider trading at the exchange circulate. There are no real standout cryptocurrencies at either end of the chart at the moment.

Total market capitalization has shrunk around one percent on the day to just over $210 billion. Daily trade volume is still at $11 billion and the sideways channel has resumed. On the week markets are up 4.5% and over the past month they have made over 8%. Bitcoin dominance is currently 53.7% where it has been for most of the week.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.