Markets Tumble as Verge Dominates with Massive Gains
Today’s market session has kicked off rather slowly, with the global market cap recording a 1.07% decrease within a day of trading to take the total cap to $1.16T. Bitcoin (BTC) is still facing resistance at $31K as the asset now sits on a daily drop of 0.4% within 24 hours of trading.
BTC’s trading volume dropped by 19% within the same period to $13B. Bitcoin’s volatility levels are still increasing as the Bollinger bands maintain a considerable distance from each other, indicating high volatility levels.
The relative strength indicator, currently near the overbought region, is moving above its average line, demonstrating the bull dominance in the market. The MACD indicator is also above the average as the asset’s bulls now control the markets.
Altcoin analysis
Ethereum (ETH), the altcoin king, faces a rather turbulent session as it faces resistance at the $1.9K mark. Trading at $1841, Ethereum had lost 1% in price valuation within a day of trading as the trading volume dropped by 23%, displaying the amount of bear activity in Ethereum’s network. ETH’s market cap also dropped by 1% within the same period.
Verge (XVG), currently on CoinmarketCap’s trending list, has recorded massive gains of close to 50% within a day of trading. Trading at $0.003158, Verge has gained 45% in market valuation within a day of trading as it now ranks at #352 on CoinMarketCap. The token has a trading volume of 117.52M.
Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT) all registered mild gains of less than 2%, 3%, and 2.7% within a day of trading, according to CoinMarketCap stats, as BNB, TRON (TRX) and Litecoin (LTC), also dropped by 0.5%, 0.1%, and 3.4%.
A notable gainer in today’s bear trend is Compound (COMP), which has gained 5% within 24 hours of trading to take its price to $44.57 within 24 hours of trading as the weekly gain currently stands at 48%. COMP has a current market cap of $343,563,323, as the trading volume stood at $75,620,246 as of press time.
Other gainers today are Maker (MKR), which has gained 1.2% to trade at $683 as bulls push for recovery from a weekly drop of 9.6%. Injective (INJ) has also gained a 1.1% within the same period, as the weekly gain also stands at 4.8%.
