The crypto markets are now retracing its steps after a $6 Billion run up on the market capitalization yesterday. Short term traders are taking advantage of the surge to cash out early gains and resulted in a mostly red crypto board. Only a couple of assets escaped the pull back with the Top 10 leading the losses and markets could see further losses if short term traders continue to sell off.
The market capitalization dropped down to $139.3 Billion, losing $2 Billion overnight. Over the past 24 hours, the trading volume is feeling the pinch with a $7.5 Billion drop to $27 Billion. The Bitcoin dominance is inching back up and is now at 50.8%.
Bitcoin is currently trading at $4022, remaining just a bit over $4k. It has lost -0.95% on the day. Above the current price, the resistance is at $4050 which is proving to be a difficult level to overcome. The volume has dropped to $8 Billion which may affect the price in the short term and push it to the support level at $3850.
Ethereum has lost -2.01% on the day and has fallen to $140.56 at the time of this writing. XRP is also pulling back but not as much as Ethereum and managed to maintain its price at $0.31.
The Top 10 is red all over with losses of up to 1% for the majority of the coins. Predictably, the biggest loser is Bitcoin Cash which made the biggest gain on the Top 10 yesterday. It has lost -3.63% with a drop to $151.77 at the time of this writing. Only Binance Coin is positive with a 1.73% gain on the day. It is now exchanging hands at $15.89.
Almost all of the Top 25 are red except for Tezos which is defying the market with a 6.19% gain on the day. The move has taken Tezos to a two month high of $0.50, but has fallen back a bit and is trading at $0.491. Meanwhile, the Crypto.com Chain which made news with its 500% pump during the past week is now dumping at -21.22%. The rest are losing at 0-3% this Sunday.
Down the Top 100, a new obscure coin has popped up on our pump list. Ormeus Coin has landed on the 100th position with a 23.60% pump but with the fast pace of today’s market, it might lose this position just as easily. BitTorrent has entered the double-digit gains today at 12.30% despite the general drop in the market. There is very little news needed for this asset to pump at the moment and the Binance exchange seems to be the driving force behind it. On the other end, despite the general malaise in the market, not much has fallen more than 10% except for Crypto.com Chain. Aurora is the nearest biggest loser with a -9.44% loss.