Over the past 24 hours, the cryptocurrency market has experienced a slow decline, with many large-cap coins showing losses. This has resulted in the total market capitalization dropping to around $1.2 billion, primarily due to losses in altcoins.
Bitcoin, the leading cryptocurrency, is currently struggling to stay above the $29K level. Despite attempts to make a move, the price has been hovering around this mark for the majority of the past week, showing little signs of significant movement.
While Bitcoin’s lack of volatility may be concerning, its dominance in the market has been trending upwards compared to altcoins. This indicates that Bitcoin has been performing relatively better than its counterparts.
In contrast, XRP, one of the top 10 cryptocurrencies by market cap, has experienced a significant tumble of over 3%. It has reached a crucial psychological and technical resistance level at $0.6. The market will closely watch how the price performs at this level and whether the bulls can defend it.
Among the large-cap altcoins, most are trading in the red, as shown in the heatmap. However, there are a few exceptions. XDC Network (XDC) has shown resilience, with a 7% increase in an otherwise bearish market. Kaspa and Rollbit Coin also saw gains of 3.4% and 2.1% respectively.
On the other hand, FLEX Coin (FLEX) and Shiba Inu (SHIB) have been the worst performers, with losses of 9.8% and 5% respectively. It appears that SHIB’s rally is starting to cool off.
Overall, the cryptocurrency market is experiencing a downward trend, with Bitcoin struggling to maintain its position above $29K. XRP’s decline and the red market for altcoins indicate a challenging period for investors. It remains to be seen how these cryptocurrencies will perform in the coming days.
