Market Update. Thursday, January 17, 2019.

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Let’s do another market update today. General crypto markets are still going sideways, possibly preparing for a downwards move. Let’s dig a little deeper into what is happening with cryptocurrencies today. 

The overall situation

The total market cap is resting at $121 billion and the 24h volume is $16 billion. In the past week these numbers are jumping up and down from $128b to such lows as $116b, but in general the cycle is staying rather even. There are 16199 markets open and 2109 cryptocurrencies in this space.

Bitcoin dominance is slowly stepping up in the past week going from 51.17% to 53.07% on 13 January. Now tumbling back at 52.36%.

As we remember Bitcoin was going sideways for a long time when the price was at around $6,500 and then it experienced a decent crash to $3,500. I believe we are prepping for a similar situation. Moreover, there are bullish signs of large countries willing to invest in Bitcoin. So it is believed that they want to drive the price down once more.

The top 10 coins and tokens

Today the top 10 cryptocurrencies aren’t showing much movement. It looks like we are on a crypto holiday season. On the other hand, these assets are starting to prove their consistency, but let’s not jump to conclusions yet. We soon could experience either a hard fall or a booming upwards movement. The number one cryptocurrency is still dictating the way other assets are moving. Bitcoin is still at the top, trading at $3,637, followed by XRP $0,32 and Ethereum $122. Bitcoin Cash is surprisingly still resting as the 4thmost popular cryptocurrency despite all the drama with Bitcoin SV, which currently 10th. Overall, generally speaking, the top coins lost even more since yesterday and it looks like they are keeping the selected trajectory. 

Top Gainers in the top 100

However, when looking at the top gainers in the top 100, we see a rather different picture. Altcoins are surging their way into the green zone today. Apollo Currency (APL) is making its way to the moon with +109% today, and creating a chart that has been long forgotten:

APL has reached a new All-Time-High in this bear market! The volume just reached $1 million. It went from $0.000877 to $0.002225 in the past two days.
It looks like Apollo Currency has a huge community, and it recently got featured in Forbes magazine.

Also, Augur skyrocketing with +40% with no significant reason, although, people say that this has been going on repeatedly, and that this could be fake.

A Twitter user @CryptoPinoy claims that this is a repeating pattern for Augur.

As we can see in the picture, last two times that Augur experienced a bull-run, it dropped to new lows.

Moreover, Loopring going up with + 22%, PowerLedger making a move with +19%, Status with +12% and Steem with +10%.

Could this be a bullish sign, or just a temporary reminder of altcoins as such? As mentioned above, generally, we are going sideways for the past week or so, and this could be a small set up for an even bigger retracing back to $2k Bitcoin. 

Source:

coinmarketcap.com

twitter.com

Photo by Pexels.com