Crypto Market Snapshot - July 16, 2018

Crypto Market Snapshot - July 16, 2018

Today, the cryptocurrency market gained additional momentum after it slowly started rising on Saturday. The market capitalization has increased all the way to $272 billion and 93 of the top 100 coins have recorded gains in the last 24 hours. After reaching 43% last week, BTC dominance has taken a minor dip to 41.9%. In the top 10, Cardano (ADA) and Bitcoin Cash (BCH) came out on top, seeing an 11.5 and 9.7 percent increase, respectively. The other top 10 coins increased between 5 and 7 percent on the day.

After trading in the $6,350 range early in the day, Bitcoin saw a sudden increase which took the price to the $6,650 level. Notably, the ascending price was accompanied by a strong influx of trading activity – after starting at around $3.3 billion, trading volume increased all the way to $5.8 billion, where it currently stands. Bitcoin is now quickly approached the $6,750 level that saw a heavy rejection on July 10 that resulted in a dip down to $6,200 – hopefully, this time will be different. If we take a look at BTC’s 1 month chart, we can see that there is a key resistance level at around $6,800 which Bitcoin was unable to breach in its last two attempts.

The gainers list was easily topped by PAY, the token issued by the crypto card startup TenX. As far as we know, there were no major events or news that could be linked to the 44 % spike. Aeternity (AE), Timesfarmtoken (TFT), Veritaseum (VERI) and Kyber Network (KNC) followed with gains between 16% and 20%.

There were still some tokens that could not capitalize on the cryptocurrency market’s momentum and recorded a negative daily performance. InoCoin (INO) took a substantial hit (-10%), while VeChain (VET) couldn’t get out of its recent slump, taking a slight 1% dip.

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