Today’s market session has started off rather slowly with the global market cap recording a decrease of 0.5% within a day of trading to take the total cap to $1.14T as of press time. BTC the crypto king continues to face resistance at the $28K level, as bears now look to take grasp of the assets network.
BTC trading at $27.5K, recorded a drop in valuation of 0.4% as it sits on a weekly loss in valuation of 5.6%. BTC’s trading volume has also recorded a 51% increase within the same period as activity on the Bitcoin network continues to increase.
Bitcoin’s volatility levels are rather low today with the Bollinger bands now moving closer to each other. The RSI indicator is however moving below its average line, signalling a bearish trend as the MACD indicator also moves on the negative side displaying the bear trend being consolidated on Bitcoin’s network.
Ethereum is also facing much resistance at the $1.9K level as the asset sits on a price drop of close to 1% within 24 hours. Trading at $1829 during press time, the asset had recorded a drop in valuation of 0.6% as it sits on a weekly drop of 3%. Ethereum’s trading volume has however risen by 69% as the market cap also dropped by 0.6%.
Altcoin analysis
Altcoins are in for a turbulent session with ripple recording a 0.5% drop within a day of trading to take its price to $0.42 as Cardano sits on mild gains of 0.5% within the same period taking its price to $0.36. Doge and Solana also recorded losses of less than 1% as the Polygon dropped by 1.5% in price valuation within the same period.
LTC trading at $80 as of press time, was sitting on a 24-hour gain of 1.2% as the asset now dominates ahead of congestion on the BTC network. LTC’s trading volume has risen by over 305 within the same period as the market cap also increased by 1%.
Cosmos is dominating today’s session as it sits on a 5% increase as it recovers from a weekly drop of 2%. Uniswap is also having a good market day as it sits on a 3.4% gain within a day of trading.
Today’s top gainer is bagged by the Milady meme coin which is currently sitting on a 24-hour gain of 11371% as its trading volume also saw a massive surge of over 2000% placing it as the second most trending coin on CoinMarketCap. This surge can be attributed to a tweet by Elon Musk that drew more attention to the meme coin.
