The market for the crypto consolidate in the last 24 hours of trading with Altcoins in the red. The major coins have remained stagnant with no signs of definite direction yet. Despite the slowdown, the market capitalization remained the same at around $285 billion.
The Market Cap Unchanged Despite Consolidation
Even as the market for the crypto consolidate, the crypto market held on to its capitalization at around $285 billion as of this writing. Investors are taking a cautious approach with the daily volume down to $54 billion and with concentration on the Bitcoin instead of altcoins. The Bitcoin still dominates this space with 57% of the total market
The Bitcoin Slowdown While the Crypto Consolidate
The Crypto market overall is consolidating, and the Bitcoin has slowed down from its recent surge. In today’s trading the Bitcoin rose to an intraday high of $9250 before falling back down to just below $9000 several times during the day. The Bitcoin finally settled at around $9150 after a day of trading.
Analyst expect the Bitcoin to trade between the resistance point of $9500 and the support at $8750 while the Crypto consolidate.
The Altcoin Retreat and Trade in the Red
The other side effect of the crypto consolidating is the retreating of the coins other than the bitcoin. The second largest coin based on Market capitalization, the Ethereum continued its correction as it fell to $270. The price to look out for is the support at $260. Should it continue fall past that level, we could be looking at larger losses while there is lack of fundamental considerations.
The majority of the other altcoins were trading flat but some major players were in the red today. The Bitcoin Cash, Stellar, EOS and XRP lost around the same value with 3% losses. Ripple’s RP lost its gains despite positive news of its partnership with MoneyGram.