In the ever-volatile world of cryptocurrencies, the beginning of the week paints a subdued picture for major players. While the global market cap registered a minor dip of 0.28%, positioning the total cap at $1.17T, some altcoins are showing positive momentum.
Solana and Optimism Shine Amidst a Muted Market Start
Bitcoin (BTC), the front-running cryptocurrency, hasn’t shown much activity. Currently pegged at $29.3K, it has witnessed a marginal daily drop of 0.38%. However, the silver lining is its weekly increase of 0.6%. Interestingly, Bitcoin’s trade volume took a significant dip of 35%, bringing it down to $11.5B.
Major Players: Bitcoin and Ethereum
Analyzing the BTC’s 1-day chart from TradingView, it is evident that Bitcoin is experiencing reduced volatility, with converging Bollinger bands. Bullish efforts are evident, with the RSI remaining above average and the MACD transitioning into the green zone.
Ethereum (ETH), following suit, has also had a slow start. With a daily drop of 0.2%, it’s currently valued at $1846. A 31% decrease in its trading volume further corroborates the slow momentum. Yet, Ethereum’s Bollinger bands and RSI indicators suggest a tussle between the bulls and bears, with neither gaining a definitive upper hand.
Altcoins Stealing the Show: Solana and Optimism
Solana (SOL) breaks away from the pattern. Despite the prevalent market dip, SOL exhibits bullish momentum. With a 1.29% increase over its last 24-hour price, it’s currently valued at $24.60. The charts suggest that SOL maintains a consistent volatility level, but the positive RSI and the MACD’s inclination towards the green zone hint at bullish dominance.
Optimism (OP) mirrors Solana’s bullish stance. With an impressive 2.25% gain within a day, it’s pegged at a spot price of $1.6. Though the Bollinger bands suggest limited volatility, the RSI showcases a balanced tug-of-war between the bulls and bears.
A Mixed Bag for Others
Orchid (OXT) emerges as a strong performer, registering a commendable 11.6% gain within the day. Similarly, Akash Network (AKT) trades 11% higher than its last 24-hour price. However, Bancor (BNT) lags behind, with a decrease of 6%.
A Summary
While major players like Bitcoin and Ethereum move slowly, altcoins like Solana and Optimism give market enthusiasts something to cheer about. As the week progresses, it’ll be intriguing to see which coins surge ahead and which ones trail behind. As always, the crypto market remains unpredictable, with potential surprises around every corner.
Leave a comment