- Polygon (MATIC) is the only high-cap coin that has gained up to 2% in the past 24 hours
- BTC, ETH and all top coins are mostly in red or trading horizontally
- The market may be poised for lower prices in a correction that could see BTC test the $22k support once more
The MATIC gain in the midst of losses
Polygon (MATIC) is the only digital currency that has gained up to 2% in the past 24 hours, according to data from Coingecko. This is happening as the coin market bled remarkably last Friday. The gains MATIC has made may be connected to the March 1 launch of Polygon Labs “Zero Knowledge Identity for Web 3,” an ID infrastructure designed to help build a more equitable internet.
The global coin market capitalization is currently at $1.02 trillion after a steep drop on Friday, when the market lost $47 billion of its capitalization. Since then, the market cap has ranged between $1.017 trillion and $1.022 trillion, as seen today.
BTC price movement
Bitcoin is currently trading at $22,409. This is a 4.7% drop in 7 days. Its 24-hour range is between $22,359 and $22,575. The dominance of BTC is currently 40.42%. The coin’s 24-hour trading volume is $19.2 billion. It is interesting to note that there has been no radical change in volume in the past 24 hours as investors seem uncertain about the direction of the market since Friday’s dumping. The uncertainty can also be seen in the range of the general coin market capitalization.
ETH price movement
Ethereum is trading at $1,566. This is a 3.77% drop in 7 days. In the past 24 hours, ETH has ranged between $1,560 and $1,581. Its 24-hour volume is $6.3 billion, while its market cap is $189 trillion. The market dominance of Ethereum is currently 17.6%.
Where is the market headed?
Here’s the view of Linda, a market analyst:
“Bitcoin is declining after updating 9-month highs to $ 25270 and then forming a false breakdown. People are screaming for a crash, but if you look at the situation, things are currently developing as part of a correction.”
However, on the BTC/USDT 4-H chart, we can see that the BTC price is in a near-horizontal range and so could be considered as consolidating or preparing for a further break down. With a Relative Strength Index of 39, we can infer that the coin is not yet in the oversold region. This means that we may see lower values in the next few days. We can also see that the RSI bounced off the 46.7% mark on March 6. This indicates that Bitcoin’s $22k support will be tested in the next few days. In any case, we’ll be keeping an eye on this chart.