Cryptocurrency Market Update: Ethereum Bites Back Surging 25% in Two Days
Markets are recovering this Friday; Ethereum, EOS, and Tron rising higher.
Markets have continued with their recovery from yearly lows as we end the week. Media outlets have been talking about a dead cat bounce, especially for Ethereum, but at the moment it is rallying again. Total market capitalization has climbed back over $200 billion and signals are bullish.
Bitcoin has made another 2.5% again today to send it up to $6,570. Analysts predict that BTC will form a double top at the $6,600 resistance level. Ethereum has surged almost 13% on the day to take it back to $213. From its massive low of $170 on Wednesday ETH has clawed back 25% in just two days pushing its market cap back over $20 billion again.
Mainstream media FUD harping on about the death of ETH has not deterred investors and traders who have got back in at rock bottom levels. There is no disputing though that Ethereum is down and still has a long way to go for a true recovery to be acknowledged. Right now $400 seems a long way away.
Altcoins are mostly green at the moment with Ethereum being the top performer in the top 25. EOS has made the second most in the top ten with an 8% rise on the day to $5.37. Bitcoin Cash and Monero are close behind with over 6% gains each. Stellar has not moved much with just 1.5% in the past 24 hours.
Looking further down the list Tron is doing well with a 7% bounce back to $0.020, followed by Iota and Nem gaining over 5% each. Dogecoin has cooled off and has actually declined after days of good gains, it is down 6% on the day.
Rchain is topping the top one hundred surging 50% on the day to $0.30. Aurora and MOAC have pumped 30 and 25 percent respectively, and Dropil, Decred and Maker are also in double figures over 13%. Emercoin is getting bashed at the moment with a 14% dump on the day.
Total crypto market capitalization is climbing out of its big dip and has gained 4% on the day to $202 billion. Trade volume has risen to $14 billion but there are still no significant indicators that a big bull run is imminent. Bitcoin dominance has dropped back a percent to 56 as Ethereum makes a recovery.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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