Bitcoin’s corrective rally is struggling to gain momentum as trading volumes drop to the lowest levels since late last year. The leading cryptocurrency remained bid over the weekend as expected, courtesy of Thursday’s strong reversal from
The leading cryptocurrency remained bid over the weekend as expected, courtesy of Thursday’s strong reversal from the two-week lows.
However, so far, the break above $6,400 has remained elusive, likely due to low investor interest.
For instance, bitcoin’s total trading volume across all cryptocurrency exchanges fell to $2.92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap.
However, BTC will likely have a tough time holding on to gains above 20-day MA if trading volume remains weak.
On the downside, a break below $6,000 (February low) would shift risk in favor of a drop to $5,755 (June 24 low).
The cryptocurrency space has remained relatively uneventful over the past 24 hours with Bitcoin (BTC) stubbornly anchored in the $9,100 – $9250 range. Even Ether (ETH), the second-largest crypto by market cap, has remained low-key just above support at $220.
However, so far, the break above $6,400 has remained elusive, likely due to anemic trading volumes. Bitcoin’s total trading volume across all cryptocurrency exchanges fell to $2. 92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap.
FOMO Moments Current performing altcoins are Cardano, Stellar, Zcash, 0x and BAT. The weekend has brought more declines in crypto land for all but a handful of altcoins. Markets have dropped once again falling below $250 billion as the bears maintain control.
FOMO Moments Crypto land is quiet; Zero-ex, Nem, Neo, and Verge doing well this morning. Following the pump from the lowest dip of the year on Friday, crypto markets have been relatively stable over the weekend.
FOMO Moments Crypto land is stagnant, a few altcoins are afloat; Zilliqa, Ethereum Classic, Icon and Bytom. Markets have remained stable today, which could be considered a good thing because they haven’t plunged any further.
FOMO Moments Current performing altcoins are Ontology, Ethereum Classic, Zcash and Zilliqa. The good news for today’s crypto market update is that nearly all coins are in the green at the moment.
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