The big pump has happened, altcoins with double digit gains include Bitcoin Cash, Neo, Ethereum Classic, and Ontology
The bounce was expected however the magnitude of it is a very positive sign. Markets have been plummeting for weeks, and are still very low, however the rebound was far bigger than the previous one indicating that this could be the reversal everybody has been waiting for.
Bitcoin pumped $500 in about three hours which gives it a 9% gain on the day. Trading just below $5,900 this time yesterday it has now jumped back to the previous resistance level of just over $6,400. The rest of the altcoins naturally followed their master back up, with Ethereum jumping 7% to $450. Levels are still very low and may resume bearish momentum but the big pump is welcome news this Saturday morning.
The biggest movements at the moment can be seen in Bitcoin Cash rocketing 14% from $650 this time yesterday to $755 at the time of writing. Litecoin has bounced 10% back over $80 again, and Stellar has also seen a 10% gain to a touch under $0.20. Cardano, which has taken a bigger beating lately, is up 12.7% on the day to trade at $0.133.
Also getting abused lately has been Neo but it too has made a small recovery by 11.6% to just over $31 at the moment. Ethereum Classic is enjoying a 12.5% climb this morning to $16.30 and Ontology has risen over 14% to $5.44. Most of the other altcoins are up between 8-10% as they follow Bitcoin’s lead. In the top 30 0x is showing the biggest gains at the current time pumping 22.5% to trade at $0.73. In the total top 100 payments provider TenX has the largest gain on the day with a whopping 67% surge to $0.88.
It may be too early to get excited about this, which may turn out to be just another small correction before further losses. Total crypto market capitalization has jumped back over $250 billion with an 8% climb on the day. This equates to just over $19 billion going back into crypto markets in the past 6 hours to put them at the $255 billion level. Trade volume has climbed from $11 to $14 billion but is still relatively low. The markets are back at the same level they were this time last Saturday but over the past month are still down 23%.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.