Crypto Beginner

Crypto market update: 11 August 2022

Crypto market steady

The broader crypto market had a bullish session yesterday. The total crypto market cap slid to an early low of $1,050 billion before steadying. Later during the day, the total crypto market cap surged to a high of $1,127. The global crypto market cap increased by 6.49% over the day.

Currently, $36.4 billion has flooded in, taking the market cap to $1,110 billion.

Ether (ETH) leads the market with a 7.52% jump, as Goerli—one of the largest and most active Ethereum test networks—sways the market sentiment and provides strong support.

ETH is followed by Bitcoin (BTC), which revisited the $24,000 handle for the second time in 10 sessions. BTC gained 3.47% on Wednesday and closed the day at $23,960, reversing a 2.78% drop from the previous day.

With Bitcoin revisiting the 24k resistance level, the Fear and Greed Index—a measure of market sentiment—increased from 31/100 to 41/100, reversing Tuesday’s drop (from 42/100 to 31/100). This leaves the index on the border of the neutral zone. The index last visited the neutral zone on 6 April; if it revisits the neutral zone, Bitcoin may achieve the 25k to 30k level.

Key gainers

The top gainers from yesterday’s session are cloud platform for renting computing power and data iExec (RLC), with a massive increase of 46.27%, followed by the decentralized marketplace for computing power, Golem (GLM), with 34.68%, and crypto lending platform Aave (AAVE) which saw a 17.39% jump.

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