Today’s market trading kicked off with a bullish signal, with the global market capitalization rising by 1.42% in a day’s trading, bringing the total market cap to $1.14T. The Bitcoin (BTC) king of cryptocurrencies now faces new resistance at $28,000 as the asset reclaims the upper $27,000 level. At press time, BTC is trading at $27,300, up 2%, having now recovered from a weekly loss of 2.9%. With the total cap increasing by 2%, Bitcoin’s trading volume has also increased by 27%.
Bitcoin’s volatility now seems to be slowly increasing as the Bollinger Bands are now diverging from each other, indicating that the market is about to see some turbulence. The relative strength index is now above its average line, indicating a bullish trend for the Bitcoin network. The MACD indicator is also moving above its average line, indicating that a bullish trend is consolidating Bitcoin.
Altcoin Analysis
Altcoin king Ethereum (ETH) also started today’s trading session marked by bullish signals, with the asset up 1.4% on the trading day and down nearly 2% on a weekly basis at press time. ETH’s trading volume also increased by 34%, indicating an increase in activity on the network.
Other altcoins also performed relatively well, with XRP, SOL, and TRON (TRX) posting gains of less than 1%. Dogecoin (DOGE) and Cardano (ADA) also both recorded gains of more than 1% as the general altcoin market appears to be consolidating a bullish trend.
Litecoin (LTC) is performing relatively well to start the day, gaining over 7% as bulls are now flocking to the Litecoin network. LTC’s trading volume has also increased significantly by over 100%, and the market cap is also up 7%.
Meme coins continue to dominate, with doge CEO dominating today’s trading, up more than 35% on the day and 214% on the week. The meme coin’s volume is up a staggering 5,525% on the day of trading, and the total market cap is also up 35%. Doge CEO became the third most trending asset on CoinMarketCap, behind only Pepe, which ranked first with an 8% drop.
