Cryptocurrency Market Update: South Koreans Keeping Zcash (ZEC) Climbing

FOMO Moments

Friday markets are still in decline; Zcash and Stellar opposing the drop, Dogecoin and BAT getting dumped.

Yesterday’s decline has continued today though its momentum has slowed a little. Crypto market capitalization has fallen below $215 billion as all hopes of a real recovery have by now evaporated.

Bitcoin has dropped almost a percent on the day taking it back down to $6,440. BTC is still consolidating in a channel between $6,300 and $6,600 where it has been since the end of September. Ethereum is also sliding back from its three week high and has dropped half a percent on the day to $213.

Altcoins are still predominantly red as the selloff continues during the morning’s Asian trading session. There is only one beacon of green in the top ten this Friday morning and that is Stellar up over 5% to $0.263. The big airdrop from Blockchain.com appears to be driving momentum for XLM at the moment.  The rest of the top ten are falling back with Monero losing the most at 3% to $107.

The top twenty is also completely red aside from Zcash which has made 5.5% to take ZEC to $135. Trade volume has jumped from $110 million to $170 million with the majority of that, over 80%, on Bithumb in KRW at the moment. South Koreans are loading up on ZEC this morning. Maybe all the recent talk of zk-SNARKs has revived interest in this privacy-centric altcoin. Dash is the biggest loser shedding over 4% to $163, and the rest are falling a percent or two from yesterday’s levels.

Today’s big fomo pump is Eternal Token surging 27% on the day. A patent application appears to be driving XET momentum right now. WAX is also pumping with a 16% gain and Decentraland is up almost 10% on the day. Getting beat up is BAT dropping 10% and Dogecoin falling 8%. Even a Coinbase listing is not enough for altcoins to cling on to their gains these days.

Less than a percent has been dropped from total crypto market capitalization over the past 24 hours. Markets currently stand at just over $214 billion and the sideways channel oscillating between around $190 billion and $225 billion has been intact for over two months now. The bulls are not strong enough to force a breakout just yet as the bears keep pushing them back down. Bitcoin dominance has crept back over 52% once again as altcoins lose their latest gains.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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