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.

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.

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.

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.