Today’s market session has entered a correction face with the global market cap taking a decrease of 1.39% within a day of trading, taking the total cap to $1.13T. Bitcoin (BTC), the crypto king, has also entered a small correction after yesterday’s bull run, dropping by 1.6% within a day of trading as the asset continues to face new resistance at $28K.
With a trading volume increase of 3.4% within the same period, BTC was trading at $27,067, as the market cap also dropped by 1.64%. The Bollinger bands are now converging toward each other, indicating reduced volatility on Bitcoin’s network. The RSI is also moving below its average line signaling a bearish trend on Bitcoin.
The MACD indicator, currently moving above its average line, is moving closer to sifting to the negative region as bulls look to take control of the markets.
Altcoin analysis
Ethereum (ETH), the altcoin king, is also facing a turbulent session today as the asst sits on a daily drop of 1% as of press time. Trading at $1.82, ETH’s trading volume had dropped by 5% as the market cap also recorded a 1% drop.
Other altcoins are also having a turbulent session with Ripple (XRP), Dogecoin (DOGE), Polygon (MATIC), and Avalanche (AVAX) all recording losses of closer to 2% within a day’s trading as Polkadot (DOT) and Solana (SOL) both lost over 2% within the same period.
Litecoin (LTC) is however withstanding the bearish trend, recording a mild gain of close to 1% within the same period. Trading at $87.66, LTC’s trading volume had risen by 16%, as the asset sits on a weekly gain of 7% as of press time. Litecoin’s recent surge can be attributed to its recent integration of the lightning network that saw activity on the network boom.
Lido DAO (LDO), is dominating today’s session, recording a 6% gain within a day of trading to take LDO’s price to $2.11, as the weekly gain stands at 16%. Lido’s trading volume has surged by 173% as the market cap also rose by over 6%.
Today’s top gainer comes in as Troll Face (TROLL) which had gained a remarkable 124% within a day of trading, ranking it at 13th on CoinMarketCap’s trending list. The asset is currently sitting on a weekly gain of 272%, as the trading volume surged by a remarkable 18,524% within a day of trading.
