Crypto Rally Runs Out of Steam But Steem is Green
The rally did not last long and a pullback has occurred dropping crypto markets once again. Total market cap has dropped back below $270 billion and is in danger of falling further as confidence wanes and the bears grow in strength.
Bitcoin has declined 2.3% on the day and fallen back towards the support level of $6,400. BTC currently trades at closer to $6,500 but it is in an ascending channel so buyers could be waiting. Ethereum has also fallen back, trading 4.3% down at the moment around $460. As usual altcoins have taken a bigger hit, most of them wiping out their gains over the past few days.
Cardano is taking the biggest beating in the top ten, falling 9.5% back to $0.148, followed by Bitcoin Cash and Iota, both down over 6% on the day. The rest are all losing between 4-5% at the moment as the altcoin selloff resumes. Further down the charts Nem, OmiseGO and Icon are having a rough day all falling over 8%. At 25th spot Bytecoin is getting battered, dropping 15% in the past 24 hours.
Steem is the only altcoin in the top 40 posting a gain during the morning’s Asian trading session. According to Coinmarketcap Steem is up 7.6% to $1.82. There have been a few obscure spikes in this coin over the past 24 hours but it is the only one in the green at the moment. Steem recently patched its blockchain to re-initiate transactions following a stall. The team emphasized that no user accounts or tokens were ever at risk.
As promised, here is the full report to today's Steem blockchain patch. https://t.co/L3GRzuxLJJ #steem #blockchain #cryptocurrency
— steemit (@steemit) July 3, 2018
The South Koreans are heavily into Steem at the moment with Bithumb and Upbit taking almost 55% of the total trade in KRW. Trade volume has jumped from $8.8 million to $10.8 million as all other cryptos around it fall. Steem currently has a market cap of $480 million ranking it at 30th.
Total crypto market capitalization has dropped back 4% on the day as $10 billion leaves the markets. Current levels are around $264 billion and sentiment once again is bearish. Trade volume has remained stable at $15 billion.
Only a handful of other altcoins are defying the drop at the moment and these include Status up 7%, Decentraland surging 33% and of course Syscoin pumping 46% on its blockchain exploit.
More on Steem can be found here: https://steem.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.