Stacks is having an impressive day with massive gains ahead of BTC and ETH as the Sui token rallies amid its mainnet launch anticipation.
Today’s market session is taking a bullish momentum with the global market cap recording an increase of over 1% within a day of trading, taking the total global market cap to $1.18T as of press time. BTC the crypto king, has also started today well, recording an increase of closer to 2% as the asset recovers from its recent correction.
Trading at $28.4K after previously tracking back down below the $27K level, is sitting on a 24-hour gain of 1.7% as the trading volume saw a 1.4% increase within the same period. The Bollinger bands are showing volatility levels on BTC as the bands maintain a moderate distance.
BTC 1-day chart | Source: TradingView
The relative strength indicator is however moving slightly below its average line indicating the struggle between bulls and bears to grasp the market.
Ethereum has also started well with a similar gain of close to 2% within 24 hours as it recovers from a weekly loss in price valuation of about 0.5%. Trading at $1860, ETH started today’s session sitting on a 1.69% daily gain as of press time, with the trading volume also going up by 1.6% within the same period.
Altcoin analysis
Altcoins are relatively volatile with only selected ones recording promising gains in today’s altcoin markets. MATIC stands out as one of these recording a 24-hour gain of 1.2% as LTC, TRON, and Avalanche all recorded gains of less than 1%. Solana and DOT are however having a tough session as the assets both recorded mild losses of close to 0%.
Stacks is standing out as one notable gainer today, recording an increase in price valuation of 12% within 24 hours as the asset traded at $0.769 as of press time. The asset’s trading volume has surged by over 360% within the same period as activity on the network explodes. The asset’s market cap also recorded a 12% increase within the same period.
Stacks 1-day chart | Source: CoinMarketCap
On the top trending, Arbitrum leads the way at position one, sitting on a gain of less than 1%, while Sui token comes in at second boasting a 24-hour gain of 22% as of press time. Trading at $2.43, Sui’s trading volume had recorded a 75 increase within the same period. This comes ahead of its mainnet launching that is scheduled for today which might have been attributed to increased interest in the network due to anticipation of the development.