BTC and ETH Drop Further as CAPO Dominates

Today’s market session has kicked off on a rather bearish note with the global market cap recording a 2.69% drop within a day of trading taking the total cap to $1.11T as of press time. BTC, the crypto king continues to face turbulence as it now drops back to the $26K level as of today’s trading session.  Trading at $26.6K, BTC had recorded a drop of over 3% within a day of trading as it now sits on a weekly loss in valuation of 8.9%. Bitcoin’s trading volume has faced a 15% within the same period as the total cap also dropped by 3% within the same period.

Bitcoin’s volatility levels are rather stable with the Bollinger bands now moving closer to each other. The MACD indicator is moving below the average line, signalling a bearish trend on Bitcoin’s network. The relative strength index indicator is also moving below its average line as bears look to drive the asset to the oversold region.

BTC 1-day chart | Source: TradingView

Altcoin analysis

Ethereum’ the altcoin king, is also on for a bear market recording a drop of 3.4% within 24 hours. ETH has now dropped back to the $1.7K level as the asset sat on a weekly drop of 6.98%. Trading at $1764 as of press time, ETH’s trading volume had recorded a decrease of 13% within 24 hours. 

Ripple has however defied today’s bear market as it now trades at %0.436 as of press time, representing a 1.7% increase within 24 hours. Ripple is looking to recover from a weekly loss of 5.7% as its trading volume recorded a surge of 7.5% within a day of trading.

XRP 1-day chart | Source: CoinMarketCap

Other altcoins are however in a turbulent market session with Dogecoin and Litecoin recording drops of 1% within 24 hours, as Solana, DOT, and Tron dropped their valuations by more than 2% as Polygon lost 3% as of press time. 

Today’s most notable gainer is bagged by CAPO, trading at $0.0166, representing a 24-hour gain of 115% as well as a weekly gain of 777%. CAPO’s trading volume has also surged by a tremendous 233% as its total cap also went up by over 100%. CAPO is ranking at 6th on CoinMarketCap’s trending list.

CAPO 1-day chart | Source: CoinMarketcap

Suipad has also surged massively recording a 24-hour gain of 49%. Trading at $0.2602 as of press time, the asset’s market cap has also raised by over 50% within the same period.

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