- The total crypto market cap has dropped 5.49% over the past 24 hours.
- The top 10 crypto projects experienced a +3% drop in their respective prices.
- Bullish divergence on BTC’s daily chart suggests that a recovery may occur soon.
The total crypto market cap has dropped 5.49% over the past 24 hours according to CoinMarketCap. This daily drop means that the crypto market cap now stands at $973.34 billion.
All of the top 10 crypto projects by market cap experienced at least a 3% drop in their respective prices over the past 24 hours. The two market leaders, Bitcoin (BTC) and Ethereum (ETH), saw their prices drop 5.46% and 9.13% over the last day. This has flipped both of their weekly performances into the red as well.
Cardano (ADA) saw an 8.57% drop over the last day. Similarly, the price of Ripple (XRP) is down 3.98%, Binance Coin (BNB) is down 4.94%, Solana (SOL) is down 7.84%, and the meme token, Dogecoin is down 6.17%. All of these tokens have also printed negative weekly performances.
The daily chart for the crypto market leader shows how BTC’s price attempted to break above the 9 Exponential Moving Average (EMA) line but was then met with sell pressure. This is around the same time that a market-wide selloff took place.
The Relative Strength Index (RSI) indicator is in oversold territory but its slope has leveled off to neutral after dropping below the RSI SMA line. Closer inspection of the indicator shows that there is bullish divergence present. This could indicate that BTC’s price will be making an upwards move over the coming days.
Should this happen, the rest of the crypto market will follow suit and the crypto market cap will pick up again slightly.
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