Why is Bitcoin Cash Beating Big Brother in Today’s $6 Billion Crypto Market Pump?
Crypto markets have jumped $6 billion; Bitcoin Cash surging, Crypto.com up 500% this week, Ethereum and Litecoin doing well.
The momentum has continued on crypto markets as we begin the weekend. The bulls have awoken and driven total market capitalization over $140 billion as altcoins drive the recovery and Bitcoin reaches critical resistance levels.
Bitcoin has slowly edged up to $3,960 over the past 24 hours before shifting gear a few hours ago to break $4,000 and hit an intraday high of $4,070 where it currently trades. The 3.5% gain for BTC has pulled the rest of the market higher as altcoins make bigger moves. Bitcoin dominance is still dropping and has now fallen to a new 2019 low of 50.7%.
Ethereum has made a solid 7% on the day as it moves up towards $145. The three week high for ETH has increase its market cap over $15 billion again and widened the gap to XRP in third to almost $2 billion. The Ripple token has been weak again during this rally as it has only managed just below 3% to reach $0.320.
The top ten is all solid green during today’s Asian trading session. Bitcoin Cash has made an epic surge of 17.5% on the day as it jumps to $160 for the first time since early January. The relatively obscure Korean exchange Lbank is taking over a quarter of the BCH volume at the moment. Litecoin is also performing well as it breaks $60 with an 9% surge on the day. EOS, Stellar and Tron have made 4-5 percent and Binance Coin has not moved during this run.
More green has spread across the top twenty but gains there are not as great. Top performers at the time of writing include Bitcoin SV and Maker adding 7% each, closely followed by Cardano, NEO and Ontology all gaining over 5% at the moment.
FOMO: Crypto.com Chain Keeps Killing It
For the third day running Crypto.com’s CRO token is the top performing altcoin in the top one hundred. It has surged a further 40% since this time yesterday to remain over $0.10. Daily volume has pumped tenfold from $5 to over $55 million with the majority being traded on the Korean Upbit exchange. The company’s PAY platform was launched yesterday and Blockfolio has just added CRO to its signals service. Yesterday CRO hit an all-time high of $0.122, up an astounding 500% in less than a week.
Aside from BCH other altcoins getting pumped at the moment are Holo up 17% and Kucoin Shares jumping 13% on the day. The only altcoin with a double digit dump in the top one hundred at the moment is Wanchain sliding over 10%, Project PAI is second worst with a loss of over 6% at the time of writing.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has gained 4.5% on the day to reach $141 billion. The $6 billion cash injection has lifted markets to a three week high and altcoins are currently driving momentum as Bitcoin struggles to breach resistance at $4,000.
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.