Throughout the past 24 hours, the cryptocurrency market has been bleeding out slowly, as the majority of the large-cap coins are reading in the red.
This has led to the total market capitalization tumbling toward the $1.2 billion mark, and it’s mostly on the back of losses coming from altcoins. Let’s take a look.
Bitcoin’s Price Fights to Stay Above $29K
The ongoing lack of volatility has been somewhat concerning as the total trading volume remains relatively low at around $27 billion for the past 24 hours.
Bitcoin’s price is down 0.2% on the day (per CoinGecko), and the price is seemingly fighting to stay above the $29K level. It’s worth noting that this is where it’s been trading for the majority of the past week, with little signs of life in either direction.
Source: TradingView
As can be seen in the chart above, the price did try to make a move, but it was abruptly halted around $29,200 and sent back to $29K.
It’s worth noting, though, that the Bitcoin dominance is somewhat trending upwards throughout the past day, indicating that the primary cryptocurrency has been performing better compared to altcoins.
XRP Price Tumbles Toward $0.6, Altcoins Red
With slight exceptions, the entirety of the large-cap altcoin market is trading in the red throughout the past 24 hours, and this is well-reflected in the heatmap below.
Source: Quantify Crypto
Beyond Bitcoin Cash, Toncoin, and Chainlink, everything else is painted in red, which is why Bitcoin’s dominance has been on the rise lately.
Most notably from the top 10 cryptocurrencies by means of total market cap, Ripple’s XRP has tumbled by over 3%, reaching the important psychological and technical resistance at $0.6. It’s important to see how the price will perform once there and if the bulls will be strong enough to defend it.
Today’s best performer is XDC Network (XDC). The coin is up 7% in a market that’s otherwise depressing. Kaspa and Rollbit Coin follow suit with 3.4% and 2.1% in the green, respectively.
FLEX Coin (FLEX) and Shiba Inu (SHIB) are the worst performers today, down 9.8% and 5%, respectively. It seems that SHIB’s rally has started to cool off.
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Cryptocurrency charts by TradingView.
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