Crypto Market Wrap: Red Across The Board, Is a Big Selloff Imminent?

Crypto markets in decline; All assets falling, Bitcoin Cash, BNB, Cardano and IOTA falling harder.

Market Wrap

Crypto market momentum appears to be running out of steam and analysts are calling for a pullback. Red is the dominant colour across the boards during Asian trading this morning as total market capitalization slips back below $170 billion. Bitcoin has failed to make any further progress above $5,300 and has retreated back below it today. Down around 1.4 percent BTC is currently hovering around the $5,230 level and is likely to fall further as the week goes on. Several prominent crypto traders have predicted a drop below $5k and even back to the low $4,000s. Ethereum has not moved at all and is still at $157. Chances are though it will plummet as soon as Bitcoin makes a move though there is still pretty strong support for ETH at $150 which could see it correct back to $160. The top ten is awash with red at the time of writing. Bitcoin Cash is dumping the most again today as it sheds a further 7 percent down to $237. Binance Coin and Cardano are the next big losers as they both drop 5 percent on the day to $21.47 and $0.065 respectively.

More red has painted the top twenty over the past 24 hours. IOTA is dumping recent gains indicating that the partnership announcement clearly wasn’t enough to keep this token buoyed up. A 7 percent loss takes MIOTA back to $0.29. Tron and Ontology have dropped 4 percent and the rest are falling back a little less.

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There are no fomo pumps occurring today, in fact only one altcoin is actually in the green at the moment and that is NET adding 4 percent to creep into the top one hundred. The Coinbit based token is trading at $0.91 at the moment, no others are moving up aside from stablecoins. Today’s big dump is Ravencoin as it falls out of the sky by 14 percent back to $0.045. DigixDAO is also in pain falling back below $30 as the gold backed token drops 10 percent and Ark is not far behind also losing 10 percent on the day.

Total crypto market capitalization is about to fall out of its range bound channel. It is currently down 1.75 percent to $168 billion as $3 billion left the space over the past 24 hours. Daily volume has increased to $45 billion but things appear to be flowing out at the moment. All signs are pointing to further declines at the time of writing.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.