Crypto Rally Runs Out of Steam But Steem is Green


FOMO MomentsCrypto land is in the red again, Cardano, Nem and Bytecoin getting hit. Steem and Syscoin on the up

The rally did not last long and a pullback has occurred dropping crypto markets once again. Total market cap has dropped back below $270 billion and is in danger of falling further as confidence wanes and the bears grow in strength.

Bitcoin has declined 2.3% on the day and fallen back towards the support level of $6,400. BTC currently trades at closer to $6,500 but it is in an ascending channel so buyers could be waiting. Ethereum has also fallen back, trading 4.3% down at the moment around $460. As usual altcoins have taken a bigger hit, most of them wiping out their gains over the past few days.

Cardano is taking the biggest beating in the top ten, falling 9.5% back to $0.148, followed by Bitcoin Cash and Iota, both down over 6% on the day. The rest are all losing between 4-5% at the moment as the altcoin selloff resumes. Further down the charts Nem, OmiseGO and Icon are having a rough day all falling over 8%. At 25th spot Bytecoin is getting battered, dropping 15% in the past 24 hours.

Steem is the only altcoin in the top 40 posting a gain during the morning’s Asian trading session. According to Coinmarketcap Steem is up 7.6% to $1.82. There have been a few obscure spikes in this coin over the past 24 hours but it is the only one in the green at the moment. Steem recently patched its blockchain to re-initiate transactions following a stall. The team emphasized that no user accounts or tokens were ever at risk.

As promised, here is the full report to today's Steem blockchain patch. #steem #blockchain #cryptocurrency

— steemit (@steemit) July 3, 2018


The South Koreans are heavily into Steem at the moment with Bithumb and Upbit taking almost 55% of the total trade in KRW. Trade volume has jumped from $8.8 million to $10.8 million as all other cryptos around it fall. Steem currently has a market cap of $480 million ranking it at 30th.

Total crypto market capitalization has dropped back 4% on the day as $10 billion leaves the markets. Current levels are around $264 billion and sentiment once again is bearish. Trade volume has remained stable at $15 billion.

Only a handful of other altcoins are defying the drop at the moment and these include Status up 7%, Decentraland surging 33% and of course Syscoin pumping 46% on its blockchain exploit.

More on Steem can be found here:

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.


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