Cryptocurrency Market Update: Siacoin Leading Monday Momentum

Markets holding steady on Monday; Siacoin, Stellar, ReddCoin and 0x performing well.
Cryptocurrencies are green this Monday morning on the Asian markets. The weekend recovery has held firm and the majority of cryptos are still rising. Market capitalization has remained above $225 billion and is still heading upwards at the time of writing.

Bitcoin has not moved much at all over the past couple of days and is hovering around the $6,700 mark. The short term outlook for BTC is bullish however its market dominance has fallen back to 51.2%. Ethereum is still recovering and has made a further 2.5% on the day to trade at $245. ETH is still at its lowest level for a year though so further gains are likely.

Altcoins are recovering well, largely at the expense of Bitcoin for a change. According to Coinmarketcap the top ten is all in the green aside from XRP which has pulled back a little from its huge pump over the past few days. The top performer in this section at the moment is Stellar which has made 8% on the day to $0.279. Cardano has also made a little back with 5.5% on the day but ADA is still very low. The rest are pretty static at the moment with marginal gains from yesterday. The top twenty paints a similar picture with Nem and Dogecoin both making 5% on the day, Neo up 3.5% and the rest just about even. Tezos is the only altcoin in the red dropping back one percent.

Today’s top performer in the top one hundred is Siacoin jumping 21% in 24 hours. Over the past month SC has made a solid 30%. Other altcoins performing well at the moment include ReddCoin, 0x and Bytecoin all trading over 8% higher right now along with Stellar. At the red end of the top one hundred is Emercoin and Aurora falling back 6-7 percent on the day.

Total crypto market capitalization has climbed almost a percent on the day and is now just over $226 billion. Since last Monday markets have regained over 10% and over $20 billion. They are also up 7.5% since this time last month and there is hope that the bottom is in and a recovery can now begin. Bitcoin’s market dominance has slid back largely as a result of XRP’s surge on Friday which saw it surpass Ethereum’s market share, ETH has since regained second spot.

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Bytecoin surges 30% on Binance listing

The cryptocurrency markets are set to end the second week of May on a low note.
The total market capitalization for all cryptocurrencies fell below $400 billion for the first time since April 26 on Friday, and has dropped 15.97 percent week-on-week. As of writing, the combined market value stands at $385 billion and could see a further decline as indicated by a head-and-shoulders breakdown pattern on the price charts.

Looking at notable individual cryptocurrencies, bitcoin (BTC) has depreciated by 12 percent week-on-week and has outperformed its closer rivals. For instance, ethereum (ETH) and EOS have dropped 15 percent each and Ripple (XRP) has declined by 34 percent.

Bitcoin’s dominance rate, which represents its percentage of the total market capitalization, moved above 38 percent for the first time since late April. This likely indicates that money is possibly being rotated back into bitcoin from alternative cryptocurrencies, so BTC’s relatively good performance this week is not surprising.

Names like NEM (XEM), stellar (XLM) and cardano (ADA) are ranked higher on the list of biggest losers among the top 25 cryptocurrencies by market capitalization.

The only gainers this week are two lesser-known cryptocurrencies: bytecoin (BCN) and zilliqa (ZIL).

Top weekly gainers

Weekly performance: +32.70 percent
All-time high: $0.0186
Closing price on May 4: $0.006733
Current market price: $0.010005
Rank as per market capitalization: 17

Bytecoin (BCN) picked up a bid on Tuesday and rose to a fresh record high of $0.01862, according to CoinMarketCap, seemingly due to cryptocurrency exchange Binance’s decision to list the cryptocurrency.

As of writing, BCN is changing hands at $0.010 – down 46 percent from record highs, but still reporting a 35 percent week-on-week rise.

Daily chart

The pullback from the record highs has neutralized the immediate bullish outlook. That said, the ascending (bullish) 5-day and 10-day moving averages (MAs) indicate the bulls are still in the game. Only a daily close (as per UTC) below $0.006 (May 8 low) would signal a bullish-to-bearish trend change.


Weekly performance: +13.84 percent
All-time high: $0.2306
Closing price on May 4: $0.132311
Current market price: $0.153565
Rank as per market capitalization: 23

Zilliqa (ZIL) is the latest entrant in the list of cryptocurrencies with a market capitalization of more than $1 billion. The cryptocurrency clocked a record high of $0.2306 on May 10, according to CoinMarketCap. Its BTC-denominated exchange rate rose to a life-time high of $0.00002508 BTC yesterday and was last seen at 0.00001847 BTC on Binance.

Daily chart

Currently, the downside is being capped by the ascending (bullish) 5-day MA. The 10-day MA is also biased bullish.
However, the relative strength index (RSI) is turning lower from the overbought zone, so prices might find acceptance below the 10-day MA (currently seen in 0.000016) next week and signal bullish invalidation.


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Author Omkar Godbole
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