Cryptocurrency Market Update: A Flat End To a Dismal Year in Crypto

FOMO Moments

Crypto markets lethargic on New Year’s Eve; Bitcoin Cash sliding as usual, the rest immobile.

Crypto markets have remained inactive on the final day of 2018. There has been very little movement in any of the major cryptocurrencies as total market capitalization remains just below $130 billion. Compared to December 31, 2017 they are down 77% but the rate of descent has slowed over the past few months.

Bitcoin has not moved on the day and remains just over $3,800 at the time of writing. BTC reached an intraday high of $3,900 but pulled back to $3,860 and is currently heading south from there. Since last Monday Bitcoin has lost over 9% as it failed to break resistance over $4,000.

Ethereum is also flat during Asian trading this morning; it has remained just over $135 where it was this time yesterday. Likewise with XRP which hasn’t moved either, the gap between the two for second place is now at around $660 billion and shrinking as Ethereum closes.

There is more red than green in the top ten at the moment but losses are generally less than one percent. That is aside from Bitcoin Cash which, as usual, is dumping more and heading south of $160. EOS and Stellar are still duking it out for fifth place but neither altcoin has done much over the past 24 hours.

The biggest movement in the top twenty has come from Binance Coin which has made 4.5% at the time of writing. Cardano and Iota are up a tiny fraction while the rest are falling back a fraction of a percent.

A couple of double digit fomo pumps are occurring at the green end of the top one hundred. At the moment they are MobileGo, IOST and Komodo, all making more than 15%. Getting bashed up with 10% declines are Linkey and Veritaseum.

Total market capitalization is back to the same place it was this time yesterday, $128 billion. A promising pump started to form a few hours ago but it ended as quickly as it arrived and more selling pressure started a few hours ago. Daily volume has declined also and is now back to around $14 billion.

Over the week crypto markets have lost 9% as gains from the Santa rally slowly get eroded, it wasn’t enough to turn the trend yet. It seems fitting that markets end the year flat and in decline from an entire 12 months that have been pretty dismal for all cryptocurrencies. Looking forward to 2019 is all we can do now. Happy New Year!

FOMO Moments is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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