Cryptocurrency Trading Update: Sapling Keeps Zcash Green in Red Crypto Market

FOMO Moments

Crypto land is still stagnant; Zcash, Ravencoin and MobileGo on the up, Decred and Bitcoin Diamond dumping.

There has been another slight pullback today on crypto markets but nothing noteworthy. The sideways channel is still intact and total market capitalization is still at the same level it has been for the past ten days.

There has been no movement in the Bitcoin camp overnight and it is still trading at $6,490 where it has been for over a week. While no movement is bad for day traders, it is good for overall stability and lowering that volatility that the institutions keep complaining about. Ethereum is still falling with another percent lost today taking ETH down to $202.

Red is the dominant color on the altcoin charts at the moment. In the top ten Stellar has taken the biggest hit with a 3% slide to $0.236. The rest are down just over a percent at the moment while Tether still tries to claw back its peg. USDT is currently valued at $0.989 on Coinmarketcap.

There is only one climber in the top twenty, and that is Zcash making 5% on the day to reach $127. The upcoming activation of the Sapling update on October 28 is currently driving momentum for ZEC.

Over the past seven days Zcash has made 8% but on the month it is flat, trading at the same price again. South Korean traders are all over ZEC this morning with Bithumb taking over 50% of the volume in KRW.

The rest of the top twenty are falling between one and three percent right now. There are a couple of fomo pumps going on as usual way down the top one hundred charts. Ravencoin, MobileGo, Veritaseum, Komodo and Metaverse ETP are all making 13-17 percent on the day, however tomorrow they will likely dump.

Speaking of dumps, yesterday’s winners, Bitcoin Diamond and Decred, are losers today, dumping around 12%. The cycle continues with different altcoins but none can hold on to their gains at the moment.

Total crypto market capitalization has dropped a little today, falling back a percent again to $208 billion. Aside from the pump and dumps from low cap altcoins nothing else is happening right now. Both the bulls and the bears are sleeping and it is all calm in crypto land.

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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