Crypto Correction Could be Imminent as Bitcoin Rally Cools



FOMO Moments

Markets are cooling off as Bitcoin rally slows; Binance Coin, IOST, ZenCash and Polymath doing well.

Crypto markets have continued climbing slowly as Bitcoin bulls push prices higher for another day. Total market capitalization has finally broken $300 billion for the first time since early June though a correction could be imminent and it has already begun to pull back.

Bitcoin momentum continues to climb with another 1.9% rise on the day to trade at $8,175. BTC reached a top of $8,425 a few hours ago before pulling back slightly, it could correct further if the bulls ease off a little. Ethereum has not made any further gains and remains a touch over $470 on the day.

The altcoins are a mixed bag at the moment and gains and losses have been very small. In the top ten EOS has made the biggest moves with a 5% climb to $8.49. Over the week however EOS is down slightly and over the month it is at pretty much the same level. Litecoin is the biggest loser with a 2.4% drop to $85, the rest are pretty flat.

Further down the chart the top twenty paints a similar picture. Tezos has taken a 5.6% hit falling back to $2.08 on the day. Those climbing include VeChain up 4.5% to $1.95 and Binance Coin surging 10% to $13.20. BNB is on a pump at the moment and has regained all losses over the past seven days. On the month however BNB has lost 8% from just under $15 this time last month. Binance has a lot of giveaways and competitions, it has also just opened voting for community coin of the month and maintains its lofty position as the top crypto exchange by trade volume, which is currently $1.7 billion.

binance coin

The leading altcoin in the top one hundred is IOST which is surging 30% at the time of writing on the news of a listing on Upbit. ZenCash and Polymath are also doing well with double digit gains. Taking the biggest hit is yesterday’s pumped coin, Holo, along with Kin and BAT which have both had a good run last week.

Total capitalization has crept up 1.7% as markets teeter on correcting and fall back below $300 billion to $297 billion. A good sign is daily volume which has climbed again from $17 billion to $20 billion. Markets are marginally higher than their levels this time last Wednesday and almost 18% higher than this time last month. A crypto correction appears imminent and all hopes are that it is a small one.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Crypto Correction Could be Imminent as Bitcoin Rally Cools appeared first on NewsBTC.



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Posted in Digital Currencies.