Cryptocurrency Market Update: Siacoin Surging on ASIC Limiting Hard Fork
Markets creeping back up; XRP, Nem and Siacoin performing well.
Crypto markets have crept back up a little since yesterday’s dump. They are still stuck at the bottom though as any upward momentum is lost after a few days. Market capitalization is approaching $220 billion once again but gains are small.
Bitcoin, which has been labelled as ‘boring’ recently, is back up 1.6% on the day to $6,580. Talk of a long term breakout has been floating around but markets are yet to make a move. Ethereum is also sluggish with a small gain of 2.5% on the day to trade at $225.
Altcoins are mostly in the green during Asian trading today, making up the small losses from yesterday. Looking at the top ten XRP is out in front with a 4% climb to $0.541 on the day. The rest are making between 1 and 2 percent at the moment. Further down the list it is Nem leading the top twenty with a 6% rise to trade at $0.107. Likewise just one or two percent is being added to the other altcoins.
Today’s fomo induced pump in the top one hundred is Siacoin surging 20%. It is being closely followed by Noah Coin which has jumped 18% on the day. The SC community has rejected Bitmain and Innosilicon ASICs through a future hard fork which will limit the miners taking control of the network. This is evidently driving momentum today as Siacoin climbs to $0.008 or 121 satoshis. Trade volume has jumped from $12 to $30 million, 40% of which is on Binance.
At the red end of the table is Eternal Token dumping 12% on the day and RChain is dropping 6%. Total crypto market capitalization is up almost 2% on the day to $219 billion. The motion is still sideways though as gains are likely to be lost again in a day or two. Markets have not been able to break out above $230 billion for a month now as the bears are keeping things down.
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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