Cryptocurrency Market Update: Altcoins Continue to Slide

The rout has not continued over the past 24 hours and crypto land seems to have found a level where markets have settled. This is just above $270 billion in terms of total market capitalization, however the outlook is still bearish.

Bitcoin has made marginal moves higher but is still around the same level it was trading at this time yesterday. BTC resides at $7,650 at the time of writing and technical signals indicate that it could move higher to test the $7,850 resistance level. Ethereum has not fared so well and has continued to fall, dropping 1.4% to $420.

Most of the altcoins are also still falling according to Coinmarketcap stats this morning. In the top ten EOS and Cardano are still falling fastest with over 4% declines on the day. XRP has fallen back from yesterday’s pump to trade $0.44, 2.5% lower today.

In the top twenty VeChain is getting bashed up once again with a 10% slide to $1.94. From its weekly high last Thursday or $2.67 VEN has lost 27%, and over the past month it is down a similar amount. Ethereum Classic is down 4.5% with Tron, Dash and Tezos all falling over 3.5%. The only altcoin in the green in the top twenty at the moment is Monero, up 3.7% to $127. XMR however is down 11% on the week.

Further down the list Bitcoin Gold and Decred are both posting small gains of 4-6%. The top performing altcoin of the moment in the top 100 is KickCoin with a 28% pump which is likely to dump again soon. The recent hack and promise of a full refund by the team will have reassured investor confidence in the project.

A few other obscure altcoins including Emercoin, Metaverse ETP, Bitcoin Private, and ChainLink are also up around 9%. Out of all the altcoins listed on CMC Civic is the top at the moment with 144% surge in 24 hours. In addition to VeChain, WaltonChain, Pundi X, and Nano are all getting beat up today with 7-8% declines.

There are no cryptocurrencies outstanding at the moment in the top 25. Total crypto market capitalization has not really changed over the past 24 hours and sits at just over $272 billion. Trade volume however has fallen from $15 billion to a little over $12 billion. Since last Thursday crypto markets have shed 10%, which equivalent to around $30 billion.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.