XDC Network Rallies as Markets Face a Downtrend

Today’s market session has kicked off rather slowly with the global market cap recording a slight decrease of 0.8% to take the total cap to $1.13T as of press time. Bitcoin (BTC), ranking as the second trending coin today, has also kicked off today at a slow pace as the asset recorded a 1.29% decrease to take its price to $26,826 as of writing. Bitcoin’s market cap stood at $520,287,836,262 as the weekly gain stands at 2.2%.

Bitcoin’s volatility levels are also stabilizing for the day as the Bollinger Bands now move closer to each other indicating dropping volatility. The relative strength indicator is however moving below its average line indicating a bearish trend on bitcoin as bears push for the oversold region. The MACD indicator, now moving on the positive side, is now approaching a shift back to the negative side as bears struggle to achieve network dominance.

BTC 1-day chart | Source: TradingView## Altcoin analysis

Ethereum (ETH) has also dropped back to the $1.8K level after recording a drop of less than 1% within a day of trading. Treading at $1,856, ETH had recorded a 0.5% drop in valuation as the market cap now stands at $223,201,803,900. Ethereum has however recorded a 4% increase within a week.

Other altcoins are relatively having a turbulent session with Ripple (XRP), recording a 2% drop within a day of trading to take its price to $0.5047 as Cardano (ADA) also dropped by 2.6% within the same period to take its price to $0.365. Dogecoin (DOGE) has however recorded a mild increase of 0.01% within the same period as Polygon (MATIC) also saw an increase of 0.7%.

Litecoin (LTC) is however doing well with a 3.3% gain within 24 hours to trade at $92.23. LTC’s weekly gain also stands at 9% as the asset’s market cap now stands at $6,736,964,147.

LTC 1-day chart | Source: CMCOptimism (OP), ranking as today’s most trending coin, has seen a 6% drop within 24 hours to take its price to $1.3965 with a circulating supply of 644,594,782.00 OP. OP’s market cap now stands at 900.15M with a trading volume of 233.05M. The asset is now ranked at position 51 on the CoinMarketCap.

OP 1-day chart | Source: CMCDespite the downtrend, XDC Network (XDC) has shown great dominance rallying with a gain of 28% in price valuation within 24 hours ahead of a 32% weekly gain to take its price to $0.04022. XDC’s market cap stood at $557,939,722 as of press time, with a trading volume of $10,043,624.