Bitcoin Defends $5K, Rest Of The Crypto Market Still Red

The crypto market is still dumping this Friday but not as heavy as it did yesterday where most major cryptocurrencies dumped nearly 10% from their recent gains. The crypto board is still red as most traders are cautiously cashing in their gains and altcoins are dumping.

 

The market capitalization is down by $2 Billion and is now at $170 Billion at the time of this writing. Almost 16 Billion is lost in the market cap since the recent 2019 high at $186 Billion. As the short-term trends get capped, the volume gets tighter and is now at $54 Billion while the BTC dominance continues to shoot up as altcoins get to be on the losing end of the market drop. It is currently at 52.2% which is the highest it got in the recent month.

 

Bitcoin remains above $5k after a brief excursion to $4950 during the Asian trading session. It has lost -2.54% and trading at $5033 at the time of this writing. Some analysts are predicting a deeper pullback and is saying that this might be the time for the “final capitulation” wherein the Bitcoin will fall to the $3k level before doing a final uptrend. Still, there are also analysts saying the the worst of the “crypto winter” is over and this is just a regular pullback. This pullback can get as low as $4600 according to technicals, where the 200 day where the 200 day moving average is. On the upside, the nearest resistance $5090.

 

 

Ethereum is back below $165 and has lost another -3.39% on the day. It is still fighting though and remains above the former price range at $160. Currently, it is trading at $162.85 and poised to follow wherever its big brother Bitcoin goes. XRP’s movement mirrors Ethereum with further losses and a drop to $0.323 trading price. It has lost -3.98% on the day and every day, its gap with Ethereum widens.

 

 

The rest of the Top 10 remains on the red and is still spilling blood though less than yesterday. EOS is the biggest loser with a -5.05% loss on the day. Bitcoin Cash is at -4.12% drop, while Stellar, Litecoin, and Cardano are tied with a -3% drop on the day. Tether is, of course, moving back up with a 0.18% gain.

The Top 25 is still as red with the exception of Crypto.com Chain who is again vying to get to the Top 20. It has earned 13.15% on the day and is now at the 23rd spot on the market cap list. Maker is the biggest loser with a -9.03% loss. The rest are at 5-7% loss.

 

Down the Top 100, Nebulas and Augur both managed a double-digit gain between 10-11% but other than that, there are no pumps this Friday. On the other end, Maximine Coin and ABBC Coin, both yesterday’s pump are now dumping between 11-12%.

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