Today’s market session is being run by bears with the global market cap recording a 2.22% decrease in 24 hours, dropping the global market cap to $1.16T as of press time. BTC bears also seem to be on the move, bringing Bitcoin down close to the $27K level. BTC, trading at $28.2K as of this writing, had recorded a 2.3% drop in valuation within 24 hours as it sits on a weekly drop of 1.3%.
Bitcoin’s trading volume had also recorded a notable drop of 12% within the same period as the market cap also dropped by over 2%. Bitcoin’s volatility levels are rather stable with the Bollinger bands now moving much closer to each other.
The relative strength index indicator, currently at the 46 mark, is now moving below its average line as bears look to drive the crypto king to the oversold region. The MACD indicator is also moving in the negative region displaying the bear activity being seen today on BTC’s network.
Ethereum is also on a bearish trend today, with the asset dropping down below the $1.8K mark, after a short recovery run that saw it close to recovering the $2K mark. Trading at $1.86K as of press time, ETH had recorded a 1.7% decrease within 24 hours, as it sits in a weekly gain of 1.2%. Ethereum’s trading volume has also seen a 9.6% decline within the same period as activity on the network reduces.
Altcoin analysis
Today’s altcoin session is characterized by bear flags with most altcoins fumbling ahead of their altcoin king, Ethereum, which is also in for a bear market session. Ripple and Polygon led the drops list with losses in valuation of over 4% within 24 hours as both Cardano and Polkadot recorded losses of 3%. Dogecoin and Solana both recorded losses of 2% as well as the altcoin markets are dominated by bears.
Despite the general downtrend, Stacks (STX) is sticking its neck up high recording gains of close to 5% within 24 hours of trading as of this writing. Trading at $0.72, STX had recorded a 5% gain, as its weekly gain stood at 6.5%. STX’s trading volume has also surged by close to 200% showing the increased activity on the asset’s network.
KEKE is another notable gainer today, coming in at third on CoinMarketCap’s trending list ahead of the recent meme coin season. KEKE had recorded a 472% 24-hour gain as of this writing, on top of a weekly gain of over 1300%.
