Crypto Market Wrap: Sideways on Saturday, Markets Flat Following Recent Rout
Crypto markets are still battered and bruised as we enter the weekend. There has been no sign of a recovery following the $16 billion rout over the past day or two. Total market cap is still a touch over $120 billion so the sideways channel has remained intact.Ethereum has not managed to reclaim its second place from XRP and is still below $130. The imminent Constantinople upgrade to the network is no longer a fundamental factor in the performance of ETH. As it has done since its inception it has been dragged down by Bitcoin again. XRP has made marginal gains on the day which has enabled it to increase the market cap gap to $300 million.
There has been little movement since the big dump as markets find a new level. Daily volume has dropped back to $16 billion and the range bound channel has remained intact above $120 billion. Bitcoin’s dominance has crept up a percent to 52.3% as it still dictates movements across the entire market.