Altcoin Markets Plummet as the Sandbox Dominates

Today’s market session has been rather bearish today with the global market cap recording a decrease of 1.8% within a day of trading to take the total cap to $1.10T. Bitcoin (BTC) the crypto king is also having a rather volatile session with the asset recording a 2.15% within a day of trading as it now faces more resistance at the $27K level.

Trading at $26.2K, BTC had also seen a 3.8% loss in valuation for the week as of press time. Bitcoin’s market cap stood at $508,526,381,364 as of the writing as bears struggle for dominance of the market.

BTC’s volatility levels are however narrowing down as the asset’s volatility levels continue to drop further as the Bollinger bands now move closer to each other. The relative strength index is also moving below its average line signaling a bearish trend on Bitcoin as the MACD also moves in the negative region, serving as another indicator of a bullish trend.

BTC 1-day chart | Source: TradingView

Altcoin analysis

Ethereum (ETH) is also having a tough session as the asset also lost 2.5% in valuation as of today’s early trading session. ETH, now trading at $1780, faces new resistance at the $1.8K level with the asset sitting on a 2% weekly drop as well. ETH has a current market cap of $214,173,965,088 according to CoinMarketCap data.

Other altcoins are also having a tough session with Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP), all recording losses of 1% within a day of trading as Solana (SOL), Polygon (MATIC) and Tron (TRX), all recorded losses of less than 1% within a day of trade. Litecoin (LTC) is again sitting on massive drops of 4% within a day as the asset now sits on a 9% weekly drop.

The Sandbox (SAND) as however defied today’s bear market, recording a surge of 4.4% within the same period to trade at $0.518. The asset had a total market cap of $959,829,436 during press time.

SAND 1-day chart | Source: CMC

On today’s trending list, ARPA, coming in at 5th is making headlines after recording a 4.8% gain within 24 hours to take its price to $0.1033 as of press time. The asset is also sitting on a 112% weekly gain as the monthly gain stood at a remarkable 164%.

ARPA 1-day chart | Source: CMC

Samoyedcoin (SAMO) has also had a remarkable start today as the asset boasts a 215% price increase within 24 hours to trade at $0.009324 as it ranked 9th on the trending assets list.

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