Is Another Crypto Market Correction The Sign Of More Declines?

FOMO Moments

Markets are correcting; Iota, Tron, Dash and Nano dropping fast, Dogecoin bouncing back.

Following three days of upwards momentum a slight crypto market pullback has predictably occurred. Total market capitalization has dropped back below $230 billion as altcoins fail to hold their recent gains.

Bitcoin has just dipped back below $7k which could be an ominous sign. Falling just 1.3% on the day BTC is currently trading at $6,985, it dumped almost $150 in just a couple of hours yesterday and has failed to really recover from that. Likewise with Ethereum which is down again, 3.8% at the moment, back to $280.

The altcoins are pretty much all in the red as markets correct after recent gains. In the top ten Iota, which has performed well in previous days, is dumping hard with an 13% dip today back to $0.677. The rest have fallen between 3-4 percent on the day.

Larger losses can be seen in the top twenty with Tron and Dash dropping over 8% in 24 hours to $0.024 and $182 respectively. Neo, Nem and VeChain are also falling back by 5-6 percent wiping out previous gains and the rest are losing 2-4 percent.

Dogecoin is the only altcoin in the top forty showing a gain, it has pumped 23% on the day to trade at $0.0031 or 44 satoshis. The Reddit chatter is just populated by doggie pictures and moon cartoons however developers are working a smart contract ‘bridge’ that will facilitate the transfer of Dogecoin to and from the Ethereum blockchain and have imaginatively called ‘Dogethereum’.

Yesterday’s pumped Noah Coin has made another 38% on the day and Decentraland is also defying the drop with a 9% gain. Nano is taking the biggest hit at the moment with a 15% dump to $2.61. Ontology and Chainlink are both dropping over 9% on the day has the downslide accelerates.

Total crypto market capitalization has dumped almost $6 billion and is down 2.5% to $225 billion once again. Trade volume has remained stable at $13 billion and Bitcoin’s dominance is at 53.4%. Over the week markets have made 8% as they were below $210 billion this time last Thursday. The monthly view however is still grim with a 24% decline keeping the down trend intact. If Bitcoin cannot hold support further losses across the board look very likely but technical indicators are still showing it as bullish.

FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Is Another Crypto Market Correction The Sign Of More Declines? appeared first on NewsBTC.

by Martin Young on August 30, 2018 at 03:00PM