Today’s market seems to have taken a bearish momentum as the global market cap recorded a 2.5% drop within a day to take the total cap to $1.1T as of press time. Bitcoin (BTC) is now facing huge resistance at the $27K mark as bears now look to dominate the crypto king’s network.
Trading at $26.3K, BTC had seen a drop in valuation of 2.2% as the weekly drop also stood at 1.9% as of press time. BTC had a market cap of $510,798,172,042 as its circulating supply stood at 19,395,937 BTC as of press time.
Bitcoin’s volatility levels are rather stable as the Bollinger bands now move at a closer distance to each other indicating reduced volatility. The relative strength index indicator is however moving below its average line, indicating a bearish trend on Bitcoin as bears push for the oversold region.
The MACD indicator is also now moving on the negative side, signaling a bearish trend on the network, as activity on BTC’s market places the asset as the top most trending asset on CoinMarketCap.
Altcoin analysis
Ethereum (ETH) is also having a rather tough session as the asset records a 2.4% drop in valuation within 24 hours of trading to take its price to $1836 as of press time. ETH has a current trading volume of $7,192,611,939 as the circulating supply also stands at 120,230,939 ETH.
Other altcoins are also in for a tough session with Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Polygon (MATIC), and Litecoin (LTC) all recording tremendous losses of 3%,6%, 3.4%, 8.5%, 5.8% and 3.4% within a day of trading as Tron (TRX), saw mild gains of 0.7%.
Metal Dao (MTL), ranking as the second most trending asset, is today’s top looser after recording a 41% drop in valuation within a day of trading to take its price to $1.1791 as of press time, with a trading volume of 373.43M and a market cap of 78.52M.
Despite the bearish trend, XDC Network (XDC), has seen minor gains of 2% within the same period to take its price to $0.03441 with a market cap of $476,362,694 and a trading volume of $2,315,079, representing a 13% increase, as the asset ranks at #79 on CoinMarketCap.
Another notable gainer in today’s session is UNUS SED LEO (LEO), which has seen a 0.5% gain within 24 hours to take its price to $3.52 as of press time, with a circulating supply of 930,173,817 LEO.
