The falling knife seems to have hit something solid as we enter the weekend in crypto land. The bears are having the day off and market capitalization has halted at just above $265 billion as further losses are on hold for now.
Bitcoin has found support above $7,400 and is trading 1% up on the day to $7,470. Falling below $7k will be critical for BTC and it needs to hold above it for any hopes of a recovery. Ethereum has also recovered a little today, up 2% to just below $420.
Altcoins are mostly green and clawing back small gains from big losses over the past week. According to Coinmarketcap there are two way out in front at the moment and they are Ethereum Classic and Tezos. ETC is currently up 14% on the day to $16.60, over the week it has regained all losses and it is back to the same level it was this time last month. Against Bitcoin Ethereum Classic is up 12.7% to 222500 satoshis.
A Coinbase blog post yesterday has caused the spike;
“Today our engineering team is beginning final testing of support for Ethereum Classic (ETC) on Coinbase. We are making this announcement consistent with our process for adding new assets. We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC.”
Trade volume jumped from $170 to $270 million driving its market cap up to $1.7 billion. Ethereum Classic is expected to climb higher when trading opens on Coinbase next week.
The other altcoin flying high at the moment is Tezos which is up 17% to $1.90. Coinbase may also be responsible for that hinting that it could be one of the coins considered for Coinbase Custody listings. Most altcoins in the top 30 are bouncing off their lows yesterday, only Iota is not showing a gain over the past 24 hours as it has fallen 1.7%.
Total market capitalization for all cryptos has moved back up 1.7% to just over $266 billion. They are still down heavily over the past week though, 10.5% since this time last Saturday, or over $30 billion. Trade volume has fallen back also to $11 billion from $13 billion this time yesterday. The bears appear to be sleeping at the moment but the hope is that the next low is higher than the previous.
More on Ethereum Classic can be found here: https://ethereumclassic.org/
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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