Crypto Markets Correcting But Bears Still Strong, USDT is Recovering After FUD
Crypto Market Recap: 16, October 2018
After an exuberant day yesterday, the crypto markets has now made a small pullback and the Top 100 is a mix of reds and greens. The good news is that the pullback is just very little as compared to some other nasty drops after a big surge.
The market capitalization is holding at $211.5 Billion and though the trading volume lost about $5 Billion and is now at $14 Billion at the time of this writing. The BTC dominance is still not showing signs of slowing down at 54.1%.
Bitcoin has corrected from $7k and is now at $6789 with a -0.41% loss at the time of this writing. Earlier there was a huge drop to as low as $6400 before coming back up at its current price. The trading volume which went as $7 Billion yesterday has now come down to its usual pre-drop volume of $4 Billion. The 4-chart is still in a bullish zone with the MACD on top but is tapering off. It may retest $6500 in the short term. On the upside, there’s still a good volume to support a push for retaking the $7k.
Ethereum had good movement and has conquered the $200 resistance. Yesterday it went as high as $220 but has dropped back quickly to as low as $200 where it stayed for a long time and then back to its current position at $215 at the time of this writing. Similar to Bitcoin, it has dropped -0.52% on the day. On the chart, the MACD is still in the bullish zone as well as the S/RSI over 60. The Money Flow Index is sharply turned up and we may still see some upward movement in the short-term.
The altcoins are also pulling back this Tuesday morning but most are still in the green zone. XRP is leading the gainers at 1.20% and trading at $0.45. We have Tether who is bouncing back to the dollar after some extreme FUD at 1.19%. Monero and Cardano are at similar levels below 1%.
Tezos is leading the party at the Top 25 with an 8.07% gain and trading at $1.37 at the time of this writing. Listing on Kraken is the underlying factor in the surge. 0x and OmiseGo are far followers at 3.39% and 2.29% respectively. The rest are at gain/loss percentage of 0–2% except Dogecoin and Zcash at 2% loses.
Further down below the Top 100 list, we have the usual suspects having some sudden surges and pumps. DigixDAO is rising at 17.93%, a possible result of people looking for alternative stablecoins. Aurora, which pumped a bit earlier has fallen back to 8.81%. Similarly, Bytecoin is at 8.67% at the time of this writing. There’s a couple of reds today, Nebulas is losing at -4.74%, Metaverse ETP, Bancor, Eternal TOken, and TenX are at a loss of 3+%. There’s a couple more but none are as big of a dump as Digitex Futures which is long forthcoming after several days of pumping prices.
Overall, the bears seem to be holding today. We may see further upsides or at the very least hold its position. Anyhow, trade safe and have a good day!
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