- The majority of the crypto market was hit with a flood of sell pressure.
- MATIC’s price has risen, while prices in the rest of the crypto market have fallen.
- ETH’s price dropped more than 6% over the past 24 hours.
As the majority of the crypto market is hit with a flood of sell pressure, Polygon’s (MATIC) price continues to rise, according to CoinMarketCap.
A snapshot of the market, at the time of writing, shows that the two largest cryptos by market cap, bitcoin (BTC) and Ethereum (ETH), both experienced price drops over the past day. According to CoinMarketCap, BTC’s price dropped by 3.70%, while ETH dropped by more than 6%.
The onslaught in the market also saw Ripple (XRP) and Dogecoin (DOGE) fall in value with XRP’s price falling by around 3.93% and DOGE’s price dropping by 5.42%. At the time of writing, XRP’s price is at $0.3109 and DOGE’s price is down to $0.06167.
Numbers 12 and 16 on CoinMarketCap’s list, Polkadot (DOT) and Avalanche (AVAX) are also down in price over the last 24 hours. At the moment, AVAX and DOT’s prices are $17.44 and $6.48 after the coins experienced 5.36% and 4.85% dips, respectively.
The crypto market leader saw a surge in sell volume as it rose above the middle of the price channel. Since then, BTC’s price has fallen below the 9 and 20 MA lines. However, there is still a glimmer of hope for bulls as the 9 MA is positioned above the 20 MA line.
BTC’s price still has space to move down before reaching the bottom of the price channel present on the daily channel, which is something that investors need to be aware of. Nevertheless, BTC’s upside potential has risen now that BTC is closer to its bottom. Should BTC’s price rise, traders and investors will likely take profit and inject it into altcoins.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.