Let’s look at another crypto market update today. In the past 24 hours markets are back again in the red area. The total market cap is falling, Bitcoin dominance is falling and it looks like we are heading towards yet another drop.
Top 10 coins and tokens
Bitcoin (BTC) stabilized again in the past days at $3,5k. A couple of days ago it saw a slight increase in price when it went up to $3,7k, but that wasn’t for long. But overall Bitcoin is in a constant downtrend. As we can see in the picture below, Bitcoin experienced a couple rather awkward price pumps and dumps. They seem very similar to each other. Ultimately this raises suspicion whether somebody is manipulating the price.
Ripple (XRP) also is in a constant downtrend. As well as BTC, you can see small similarities in the monthly chart. XRP also is following the same pattern of a suspicious pump and dump (P&D) activities, but with much less activity. Especially when looking at the XRP/BTC line. It is almost intact.
Ethereum (ETH) saw a little bit of a different movement chart-wise, but also in a downtrend. In the past couple of days, it stabilized in the range of $116 to $119. As we can see, Ethereum also was a victim of a possible P&D manipulation around the same time as BTC and XRP.
Other coins and tokens in the Top 10 are experiencing a similar pattern. However, we found a small, but at the same time large difference between coinmarketcap.com and coingecko.com.
When looking at coinmarketcap.com the Top 10th position belongs to Bitcoin SV with a market cap of $1,311,997,025, and at the 11th position is Cardano with a market cap of $1,114,076,369. But when looking at coingecko.com statistics we see a slightly different view. Coingecko reports that Cardano is at the 10th position with a market cap of $1,330,353,604 and Bitcoin SV is following in the 11th place with a market cap of $1,299,806,455. As for us, these are just numbers on our screens, this is quite a big difference between these two statistics websites. This raises an obvious question – which you should trust and which should you not?
Coingecko vs CoinMarketCap
The total market cap is calculated by multiplying the current total supply with the price (Current Total Supply * Price). Since CoinMarketCap and Coingecko calculate their prices on their own, this could be an issue of sources used. Coingecko reports that there are 275 exchanges, while CoinMarketCap reports that there are only 234. This could be the reason why we see such small but at the same time a large difference between these two statistics websites. Coingecko goes through a slightly bigger amount of exchanges, therefore, they will have a larger number of daily volume which then gets multiplied with the asset price.
Daily volume leaders
When looking at the top coins sorted by their daily volume, we see quite a different picture if comparing with the top 10 coins and tokens in general. The daily volume could be a better measure to define which asset is currently the most popular in means of usage. We see that obviously, Bitcoin is the ultimate leader with almost twice as more volume as the nearest follower – Ethereum. However, the picture gets interesting when looking at lower places. EOS in third with $759 million in daily volume, followed by Zcash in 5th with a very close number of $732 million. Litecoin and Dash coming next and the surprise of the day – XRP sits only after them with a $336 million daily volume. These are hundreds of millions of dollars we are speaking about. Of course, we could speculate that a few whales could be manipulating the market, but that is very unlikely.
Top 100 Gainers
Holo (HOT) is the leader of the Top 100 coins and tokens, flying with +33% and a daily volume of $23 million. It looks like they have revealed their product prototypes of HoloPorts. Otherwise, there is not much info about it on Twitter, only a few trader signals.
PundiX is gaining hard with +13%. They recently had a stand in the Binance Blockchain Event. Reports of very good feedback in Reddit
No other significant news on the top gainers today.
The overall market situation
It looks like we are testing new grounds, hence the sideways movement for the last couple of weeks. Just like when Bitcoin was at $6k we experienced a heavy drop to $3,5k. Many say that we are prepping for a similar action, falling to $2k or even lower. There are a few indicators on this as the total market cap and the top assets have an overall downtrend in the last month. There was an opinion that the bear market is going to continue for about 60 days more. Also, we are soon going to be in the longest bear market crypto ever experienced.