While Bitcoin was rising by a little over 2%, almost all the other cryptocurrencies were seen drowning in the red sea. Prominent altcoins that were recently outperforming BTC in terms of price change were noted plummeting to new lows. The overall market cap stood at $347.103 while Bitcoin’s dominance had evidently increased by 57.9%
The second-largest cryptocurrency in terms of market cap, ETH was seen deep in the red zone. During the time of writing, the altcoin was trading for $363.23 with a 2.22% drop in its price over the last 24-hours. With a market cap of $40.91 billion was recording a slump, despite progress towards Ethereum 2.0.
Even though the coin was recording a drop, the Parabolic SAR indicator formed its dotted marker below the candlesticks. This further diminished the possibility of a downward breakout and highlighted the presence of bulls. The Awesome Oscillator indicator was in sync with the aforementioned indicator as it formed green closing bars manifesting bullish sentiment. If the bulls take over the ETH market, a critical resistance level of $370 could be destroyed.
Popularly known as the silver to Bitcoin’s gold, Litecoin [LTC] was seen overhauled by several altcoins in terms of market cap. At present, the altcoin stands as the tenth-largest coin with a market cap of $3.14 billion. The price of LTC at press time was $47.98 and was seen falling by 2.34%
The Relative Strength Index indicator displayed strong sellers sentiment as the marker was at 36.70. The marker was seen trying to steer away from the oversold zone. The Chaikin Money Flow [CMF] indicator highlighted the presence of bulls in the LTC market as the CMF marker was a little over 0. The bears could push the altcoin below its support level of $47.54.
Cardano [ADA] was one of the worst-hit top cryptocurrencies as its price was dropping by 5.37%. With a market cap of $2.82 billion, ADA was trading for $0.090563 during the time of writing. The altcoin recently slumped below its major support level of $0.093.
The ADA market had some hope restored as the MACD indicator signaled a bullish crossover. The MACD line was seen above the signal line. Klinger Oscillator, however, hinted at the presence of bears. Nevertheless, it seemed like it was soon headed for a bullish crossover.