Crypto Market Recap: 22, October 2018
Monday morning opened with an uncertain market, a mishmash of reds and greens. This, after a decidedly green market over the weekend, signals that the bulls are not quite ready to take the crypto markets up yet and yet another telling signal that maybe this is the new normal for the industry.
The market capitalization has jumped back a little but has now dipped under $210 Billion. It is now at $209.2 Billion from yesterday’s $211 Billion. Bitcoin dominance is inching up again at 53.6%.
Meanwhile, the Bitcoin price (Binance data) is still in the same channel at $6601 from yesterday’s $6623. It might be going down on the short-term at the range of $6500 support if it continues the downtrend began by the last two candles on the 4-hour chart. Yesterday, we mentioned that the current volume is extremely worrying and is more so today.
Ethereum cannot seem to break away from the Bitcoin’s narrative and is still traveling along the same path. It is currently at $207 and is -1.19% down today.
The remainder of the Top 10 altcoins is not in a very good picture of health today. All are red with Cardano hit the heaviest at -2.05%. The rest are at 0–2% loss on the day.
For the Top 25, there are three standouts -the only greens in the pack. Ethereum Classic is bouncing at 4.24% and is trading at $10.13. NEM is at 2.94% gain and is trading at $0.099. NEM is currently on the news for its building efforts in Australia and Southeast Asia. It is also in the news for a recently announced partnership with a Las Vegas company. Tezos is also on the green with 2.45% gain on the day. XTZ is now trading at $1.35. The rest are flat with minimal losses below 2%. Just outside of the Top 25, QTUM is also performing nicely at 7.31% gain on the day.
At the Top 100, yesterday’s pump from the Ravencoin is still screeching high today at 47.97% after its Binance listing. BAT has overturned yesterday’s losses with an 18.16% gain on the day. Veritaseum is also doing extremely well with a 21.96% surge today. Nexo and Crypto.com complete our double-digit gainers for the day at 12% and 11% respectively. Outside of these, the majority are on the red with Digitex Futures, DigixDAO, Nano, and Aeternity losing at 5–7% on the day.
Overall, today seems very tricky, we have an inactive volcano waiting to erupt. Since the last blazing performance of the market last Monday, not much has happened as the market continues the sideways game.
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 week ahead!
Originally published at dna.coinve.st on October 22, 2018.
CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: I am a writer for CoinDNA. CoinDNA is the Data News and Analytics arm of Coinvest - a technology company that develops solutions to empower the world to execute financial services using blockchain technology.