Bitcoin Recovers From Drop Below $3900, Crypto Market Resumes Consolidation

The day has been disappointing for the crypto market and there was a general drop in the performance throughout the Asian trading session. The crypto board is mostly on the red following Bitcoin’s drop during the day. Most altcoins are trading down 2% or more and volumes are sliding.

 

The market capitalization has come back up at $134 Billion, after dropping to as low as $131 Billion earlier. The trading volume has also made it up to $32 Billion while the BTC dominance made it to a lower 51.4% today.

 

Bitcoin has dropped below $3900 but is not ready to drop below $3800. It went back up, pushing the almost 1% loss up to -0.02% at the time of this writing. It is currently trading at $3921 (CMC)-a price level that is developing to be a strong support for the past 3 days. This week might be a consolidation week and will only be broken by either a drop below $3800 or a break-in at $4k level. However, it requires a significant buying pressure for Bitcoin to break into $4k decisively.

 

 

Ethereum is struggling again and has touched as low as $129 before following Bitcoin back up and is now at $134.91 (CMC). Because it is moving mainly in sync with Bitcoin, a sudden drop can lead it to as low as $125. On the upside, a break above $135 may ease the threat of another sell-off. XRP maintains its distance and is still at $1.2 Billion market capitalization with a -0.22% loss on the day.

 

 

For the rest of the Top 10, Binance Coin has once again taken a leading position with a strong growth despite a less than positive market development. It has jumped back above $15 with 6.12% gain on the day. Binance Coin is followed by Litecoin at 2.95% gain. EOS broke the $3.75 and $3.60 support levels and is now trading at $3.69. On the other end, Stellar has now pulled back from yesterday’s gains and has traded down to -3.42% loss on the day.

 

The Top 25 is quicker to respond to Bitcoin’s recovery and mostly green during the early European session. Majority are trading green on a 1-3% rate. VeChain is the leading asset on the Top 25 today, with a pump of 17.91%. Cardano price is holding at $0.048 and a gain of 5.27%. NEM is another Top 25 performer with a 4.18% gain. On the other end, Tezos is dumping with a -5.65% loss. The rest of the losers are holding up with a minimal 1% loss.

 

The Top 100 are back to its wild antics with not one, but 2 assets moving with more than a hundred percent pump. Groestlcoin pumped to 163.30% growth after an announcement of the release of a debit card supported by Mastercard and a partnership with Ivenpay from Japan. Crypto.com Chain has jumped to 139.75% gain following a listing at Bittrex, Indonesian exchange Indodex, and a Certik verification and audit. Revain follows with a lower (but still a huge movement) at 31.64% gain on the day. Ardor, a proof of stake blockchain platform, also made a huge gain today at 28.73%. The rest of the double-digit gainers below 20% are Power Ledger, Siacoin, QASH, Aion, Ark, GxChain, and Golem -all moving between 10-14% gain. On the other end, our biggest losers are yesterday’s big movers. REPO has lost -19.30% and Enjin Coin is pulling back at -18.64% loss on the day.

 

 

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