Crypto Markets Struggle For a Recovery as Polygon Dominates

Today’s market has started off rather slowly as the global market cap dropped by a 0.22% as of writing taking it to $1.05T. Bitcoin (BTC) has seen a mild increase of 0.14% as bulls try for a positive kickoff to the week ahead of last week’s market dip. Bitcoin’s trading volume is currently at $11B after seeing a 30% drop in the last 24 hours. Bitcoin’s volatility levels are however increasing as the Bollinger bands diverge away from each other indicating increasing volatility.

The relative strength indicator is however below the average line signaling a bear dominance on BTC as the MACD indicator is also below its average line again showing the strong bear dominance despite efforts by the bulls to reclaim the markets.

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Altcoin analysis

Ripple (XRP) has kicked off the day well as the asset records a 2.1% gain within a day of trading taking its price to $0.517b as of press time while Cardano (ADA) recorded a 2.8% increase within the same period to take its price to $0.273 within the same period. Tron (TRX) has also gained a slight 1% within the same period to take its price to $0.06987.

Polygon (MATIC) is also dominating today’s session with a notable 5% gain within a day of trading to take its price to $0.6309. Despite the gain, MATIC’s trading volume is still 30% down as it now stands at $560M.

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Despite the gains Solana (SOL) is having a bad start to the week as the asset is still down 3% ahead of a 29% drop in valuation from its previous week’s pierce as the asset now trades at $15.13. Litecoin (LTC) has also had a slow start as the asset is down 1.45 from its previous 24-hour price to now trade at $76.25.

Toncoin (TON) is another notable gainer today as the asset boasts a 2.6% gain within a day of trading to take its price to $1.49 as of today’s early trading session. The asset is pushing for a recovery from its weekly loss of 13% from its previous 7-day valuation.

2oG v yyJjBsIg wJJ7Ox71w2dBNP1W8wIz2B3h6PzKD7uLQkGYxEJPuLByZc7Xr5bC9rtof — Toncoin 1-day chart | source: CMC

Apecoin (APE) is also moving well as the asset now sits on a 1.31% gain within 24 hours of trading to take its price to $2.32. Zcash (ZEC) ranking at #81 on Coinmarketcap as of press time, has recorded an increase of 2% from its previous 24-our price as the asset now trades at $24.37.