As the Cryptocurrency Market Turns Bearish, Augur Surges After Binance ListingMay 11, 2018, 5:31PM
Most of the cryptocurrency market is flashing red today with almost all of the top 100 assets down by low double digits.
The cryptocurrency market is flashing red today with almost all of the top 100 assets down by low double digits. The sector's total capitalization has fallen to $384 billion with Bitcoin dominance increasing slightly to 37% of the total market. Out of the top ten assets, the decline is led by Ripple (XRP) and EOS (EOS) - down 11% and 16% respectively. Augur (REP), a lesser-known coin, is one of the only major assets to gain today, and this is because of a positive news catalyst.
The technicals indicate bearish patterns forming for both Bitcoin (BTC) and Ethereum (ETH). In the case of Bitcoin, the price has broken below-ascending channel support, signaling a heavy downtrend. Investors can expect selling pressure to pull the price to the 78.6% fib extension level at $8580 or perhaps as low as the full extension ($8359).
What is Behind the Augur Rally?
Augur is an oracle and prediction market built on the Ethereum blockchain, and its value token, REP, is an ERC20. Demand for REP has surged by double-digits due to its listing on the Binance digital asset exchange. Augur is currently up by 12% in the last 24 hours to a per unit price of $54.80 per coin and a total market cap of $602 million with high trading volume ($177 million worth of transactions). Augur has beaten Waves (WAVES) and Populus (PPT) to become the 39th largest cryptocurrency by market cap.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.