Cryptocurrency Trading Update: Have Crypto Markets Reached The Bottom?

FOMO Moments

Markets are stagnant this Thursday; FunFair and WAX rising, Maker and Monacoin falling.

There has been very little market movement over the past 24 hours. The good news is that the movement that has happened has been positive and markets have just crept back above $200 billion total capitalization.

Bitcoin is up less than one percent today but that has been enough to take it over the $6,400 resistance level. BTC is currently trading at $6,405 but technical indicators suggest more selling pressure. Ethereum has dropped back by a similar amount to take it just below $210. ETH is also very bearish at the moment.

Altcoins are generally mixed about half and half gaining and losing. In the top ten only EOS is in the green with gains of 2.5 percent. The rest are flat or losing a percent or two. Similar lethargy can be seen in the top twenty where most altcoins are plus or minus a percent or two at the time of writing. Nem and Dogecoin have both lost over 3% in the past day.

There are a couple of big movers today but they are much further down the market cap chart. Leading the top one hundred is FunFair jumping 24% on the day, followed by Chainlink up 21%. Also performing well at the moment is WAX, Loopring, Decentraland and RChain, all climbing over 9% on the day. At the messy end of things is Maker and Monacoin dumping 8-9 percent over the past 24 hours.

Total market capitalization has broken $200 billion once again and has held that level for the past 12 hours or so. Markets took a dump back down to $193 billion at 20.00 UTC+1 but immediately bounced back with an $8 billion pump to their current levels.

Over the past week crypto markets have gained 3% however on the month they have dropped close to 8%. Things are still very bearish in crypto land as markets lull around their lowest levels for a year. There is hope that no further dumps could see this as the bottom and markets will slowly start to recover, however there has yet to be any strong bullish momentum to indicate this could be happening soon.

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 one, looking for trends and possible fundamentals.