Monday came with no fanfare this time and there were no sudden movements -either upwards or downwards. The crypto board is a mix of red and greens and the market is undecided on which way to move forward this week. Coming on the heels of fresh criticism from Nouriel Roubini who said that cryptos are unstable, not a store of value and can never be scaled for payment, it was none the worse for wear and was not as affected as it would have been in an uncertain market.
The market capitalization is still playing on the same range but has now dropped a degree lower at $133.8 Billion. The daily volume has slid back down to $30 Billion but the BTC dominance is still at 51.6% – the same range since last Wednesday.
Bitcoin’s momentum is still lost and consolidation continues. While it has been boring for most short term traders, the lack of volatility is said to be enticing institutional investors who are viewing the recent changes on Bitcoin positively. Today, Bitcoin went high at $3960 and dropped to a low of $3925. This range has been ongoing since the weekend. At the time of this writing, it is trading at $3926 with a minimal loss at -0.31%. It is currently heading down the support level which might lead to a drop to $3700 if the bears are able to break the pattern and take the lead this week.
Ethereum finally budged from its range at $137 but on the wrong side at $135. This brings its short term future to a darker position and could possibly drop to support zone on the $125 level. It lost 1.05% on the day and its capitalization is now at $14.2 Billion, $200k lower than XRP’s market capitalization at $13 Billion. XRP is currently at $0.313 with 0.71% gain on the day.
The rest of the Top 10 are mostly red with under 1% losses except for Litecoin and EOS -both with 2+% losses on the day. Stellar continues to be a party of its own since yesterday. From yesterday, it has surged to another 14.01% as it closes up on Tether on the 8th position in the market capitalization. At the time of this writing, it has reached $0.10 again and records a 6 week high. The momentum seems to be driven by the Börsenmedien AG (a German company) announcement that it is purchasing stakes in SatoshiPay a few days ago.
Looking at the Top 25, it is like the Top 10 as well. While a few digital assets are green, most are on the losing side this Monday morning. Tezos is leading the best movers at a surge to 10.90% gain on the day. Cardaano and Ethereum Classic are the only other positive asset at a minimal 1% gain. BAT has pulled back 4.76% on the day, and VeChain lost -4.64%. The rest are at 1-3% losses.
Down the Top 100, Project Pai is back on a pump after dumping yesterday. It has gained 25.14% today and will not be surprising if it takes another dump soon. Wanchain is back on our pumplist after several months of hiatus. It has gained 20.11% today. The rest of the double-digit climbers today are Qubitica, Maximine Coin, and REPO at 12.17%, 12.92%, and 19.87% respectively. On the other end, Ravencoin is losing 12.41% today, and Kyber Network has now dumped -10.57% after a recent pump. Digitex Futures is also dumping at -10.31% following a surge in the past days.