Cryptocurrency Trading Update: $10 Billion Injection Pumps Crypto Markets

Big pump day for crypto markets; EOS flying, XRP, Stellar and Cardano recovering well.

It has been a long time coming. A market bounce that results in a sea of green with the majority of cryptocurrencies gaining double figures on the day. From almost falling into double digits total market capitalization has gained a solid 14% from its yearly low over the weekend.

Bitcoin sparked off the rally when it climbed over 10% from $3,260 to $3,600 before pulling back a little. Fears of BTC falling to or below $3,000 have been very real recently however it managed to find support at $3,200 and recover from there. Whether this is the start of a longer term trend remains to be seen but a Bitcoin bounce is good news for the rest.

Ethereum has also made around 10% taking it back to $95 but being below $100 is still very dangerous territory for it. Ripple’s XRP has done better with an 18% gain at the time of writing. This has enabled it to expand that market cap gap over ETH again.

EOS is the top performer in the top ten by a factor of two as it surged nearly 30% on the day propelling it into fourth spot on the charts. There seems to be no specific factors for the extra momentum but the community is rejoicing anyway. Stellar has also had a good day with a 14% climb and the rest of the top ten are in double figures aside from one. Bitcoin SV did not enjoy the big pump as it only made a couple of percent.

The top twenty’s top gainers at the time of writing are Cardano, Iota, Neo and Dogecoin with around 13-15 percent on the day. Tron, Monero, Dash and Ethereum Classic had made around 11% but the rest were single figure gains.

Since all altcoins were pumping on Tuesday the fomo had been spread out. Bigger pumps had taken place with Arbitrage, MobileGo, Revain, and Ontology but the likelihood of them dumping soon is high. Only three altcoins were in the red in the top one hundred at the time of writing; Linkey, Qash and TenX plus a couple of the stablecoins.

Total crypto market capitalization is at $114 billion which is a gain of 10.7% from the same time yesterday. Trade volume has jumped from around $10 billion to $17 billion. Almost $11 billion has be poured back into cryptocurrencies resulting in a rare day of double digit green gains for many of them.

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.