Hopes of Crypto Recovery Fade as Altcoins Lose Ground


FOMO MomentsCrypto land is in decline; altcoins getting hit hardest are Stellar, VeChain, and OmiseGO, only Dash on the up

The correction has continued as we end the working week in crypto land. Markets have dropped back below $285 billion and most cryptos are in the red again as the bears regain control.

Bitcoin is one of the few gainers at the time of writing, but only slightly, up 0.8% on the day to $7,450. It has held this level since Tuesday whereas its siblings have lost ground. Ethereum has dropped a further 3% over the past 24 hours falling back to $465.

All other altcoins in the top ten are in the red with Stellar taking the biggest hit of 7.5% following its big run over the past week. XLM has pulled back to $0.287 from a weekly high of $0.317 on Wednseday, volume has also declined by 43% in the past three days. XRP and IOTA are also losers dropping 5-6% on the day.

Further down the list the first altcoin in the green today is Dash which is up 3% to $274. Dash has had a good week rising almost 22% from $224 this time last Friday. Over the past month Dash has gained around 8% from $255 back on June 20.

Other altcoins in the top twenty are getting battered again with VeChain slumping the most. VEN has taken a 12.5% dive on the day to $1.67, over the week it has had a rough ride falling 21% from $2.12 this time last Friday. The pain is greater for VeChain on the monthly chart with a 48% decline from $3.20 this time last month.

OmiseGO is also having a bad day falling 10.5% to $7.16, and Neo has dropped 7.5% to $34.60. All others in the top twenty have lost around 5%. A few other obscure altcoins are trading higher on the day and these include Dropil, Decentraland, ZenCash and Veritaseum, up between 5 and 7%.

On the day total crypto market capitalization has slid by 2% back to $284 billion. Trade volume for all cryptos is currently $16 billion which is also down slightly from $18.5 billion this time yesterday. The longer the selloff continues, the quicker hopes of a market recovery fade as bears get their claws back into cryptocurrencies.

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.


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