Bitcoin Cash On A Second Day Dump, Crypto Market Tightly Under Bears Grip
Crypto Market Recap: 06, December 2018
And the red tide continues on. It has been a very bearish week as the crypto market trudges on to the lowest part of 2018. The crypto board is continuing to bleed and now, even the analysts are coming to untread paths, unsure of where the market will be as we are nearing the end of the year.
Today, the market capitalization continues to drop as it slides some more to $121.6 Billion. Crypto leaders are coming out and proclaiming their long-term bullishness but it has not been reflecting so far. The trading volume is currently at $14.9 Billion -a jump from yesterdays $13.4 Billion but the volume is coming from the wrong end of the market. As is usual, BTC dominance is beating the altcoins with an update to 54.8%.
Admittedly, it’s been a tough year for Bitcoin. Around this time last year, it was at an all-time high reaching $20000. For the past weeks, Bitcoin has been stuck around the 4k level and is now dangerously close of dropping more. Currently, it is at $3810.31, falling to as low as $3700 earlier in the day. The market capitalization has slid below $70 Billion and is now at $66 Billion which does not bode well for even a short-term recovery.
Ethereum is on its usual narrative of falling and falling some more. On the day, it has lost -6.62% and is at $100.61 at the time of this writing. It has reached new annual lows touching as low as $95.17 earlier. It has also lost support, and the Ethereum marked its lowest moment against Bitcoin this year.
The remainder of the Top 10 is an all-around bad day for everyone. Bitcoin Cash has been having an exceptionally bad day with a huge dump again at -14.97%. Price has fallen to $118.85 from yesterday’s $139.56. EOS is also still feeling the pain since yesterday. The 6th largest coin by market capitalization is moving fast towards $2 amid global bearish sentiments and fundamental internal issues. Rumor has it that Dan Larimer is leaving the project and the supporters are angry with rumors of possible manipulations. Stellar has a setback of -6.98% on the day. On the other end, Bitcoin SV is starting to perk up with a 3.14% gain today -the only coin apart from Tether on the green.
Maker and Binance Coin are dropping double-digit gains today. Maker has lost -13.09% to $359.84. Binance Coin, which made a splash yesterday, dumped back its gains at -12.26% and back to trading at $5.61. VeChain is the only positive coin today on the Top 25.
Down the list of the Top 100, where anything can happen any given Sunday, Linkey, climbing on the 95th position made a huge pump at 28.21%. Factom is doing amazingly good with an 18.41% gain today, the only coin that seems to be uptrending this week. Outside of double-digits, Polymath, MaidSafeCoin, MobileGo, Metaverse ETP, and IOST are on the green. On the other end, Aeternity has taken a huge dump at -15.75%. Aion, Theta Token, Bitshares, Dex, and Bytom, also has taken double-digit losses between 10–12%.
Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Thursday!
Originally published at dna.coinve.st on December 6, 2018.
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