It’s a new Monday in September and the market is still sluggish. We saw a small bounce over the weekend as the crypto market tried to keep more downfall at bay. But losses were still the norm of the day as the market capitalization kept below $200 Billion and the rest of the market has struggled to recuperate.
Over the past day, the market capitalization dropped from $198 Billion to $195.3 Billion. In August, the market capitalization dropped as low as $189 Billion. These levels have not been seen since October of the past year. The trade volume is still very low at $10 Billion and probably the only thing that’s high is the Bitcoin (BTC) dominance which is at 55.8% which is another yearly low.
Bitcoin price saw a surge this morning rising up to the $6400 levels then went back down and was so far stabilizing at $6300. Yesterday’s bullish indicators were demolished and we are back to bearish once again. While it is possible that Bitcoin may fight it out at the $6400 and $6500 level but possibly not likely in the near future according to technical analysts. Downside break at $6000 is not impossible with the current low volume and unpredictability of the crypto market.
Ethereum is still in a bad way as it dropped below $200 once again. Currently, it is trading at $196 and going further is detrimental to most ERC20 tokens. It has lost another -2.41% on the day.
The Top 10 altcoins are still far from recovery but have halted more drops at the moment. So far, only EOS has started to pull itself together as it posted 1.10% on the day and is trying to reach back at $5. Currently, it is at $4.98. Cardano is still dropping hard, losing another -4.63% on the day. XRP is now at $0.27 and has fallen -3.50% on the day. The rest are in between 0-3% loss.
The Top 25 has some interesting stories during the market drop last week. Dogecoin rose 20% last week in defiance of the market. At the beginning of the week, one DogeCoin was valued at $0.004 per coin, now it is traded at around $0.006. It has risen to another 7.62% on the day. Dash was also one of the coins that saw some green last week despite the bad performance of the entire market. Today, it has recovered 5.89% and is back to $202.15.
On the other side, losses are still on the same level as yesterday and Zcash is the biggest loser at -3.56%.
The Top 100 is a mix of losses and wins. Currently, the biggest pump is Waves at 26.93%. Bitcoin Dark is also winning at 20.25%. Bitcoin Diamond also went on a pump earlier but has now fallen back a bit at 19.99%. Earlier, there was a listing announcement at the largest OTC exchange in Asia, OTCBTC, which now supports Bitcoin Diamond. On the other side is Rchain, losing -8.38%, and Gas, losing -7.09% on the day. Mithril and Pundi X are also dumping at -6.00% and -5.74% respectively.
This Monday, investors, and traders are waiting for a major move from the Bitcoin as the market leader. We are possibly headed for more losses before seeing stability.