Crypto Beginner

Crypto market update: 16 August 2022

crypto market update

It was a mixed session for the crypto market yesterday. Bitcoin (BTC) is currently in negative territory. Yesterday, it fell by 0.87% and ended at $24,102.

Earlier, on 14 August 2022, BTC touched $25,203. The last time it visited the $25,000 mark before this was on 13 June 2022.

Following BTC was Ethereum (ETH), which touched $1,904, losing ground by 1.7% after breaking through the $2,000 barrier recently.

Memecoins also lost ground after the run-up over the weekend, including the two largest memecoins by market cap. Dogecoin (DOGE) fell 6.% to $0.07, while Shiba Inu (SHIB) token was down 9.6%, at $0.0000153.

Meanwhile, the global crypto market cap dropped by 3.58% over the past 24 hours. The total crypto market cap is up by $65 billion this August.

Top gainers and losers

It was largely a bearish session yesterday after a bullish weekend. But some coins broke through in the last 24 hours, including sports and entertainment-focused network Chiliz (CHZ), leading the way, rallying by 17.04%. Machine learning-based blockchain platform (FET) gained 9.05%, and decentralized platform IoTeX (IOTX) gained 3.57%.

On the other end, iExec (RLC) leads the way down, falling by 7.99%. Curve DAO (CRV) and Quantstamp (QSP) are also down by 7.62% and 7.52%, respectively.

Crypto Fear and Greed Index

The Fear and Greed Index, a popular market sentiment indicator, slipped from 45/100 to 44/100. The index saw a modest pullback despite the bearish start to the week and BTC falling to sub-$24,000. Bitcoin’s return to $25,000 should support an index move into the neutral zone, giving the BTC bulls a run at $30,000.


Why is crypto crashing?

Crypto crashes can occur due to factors such as market sentiment, regulatory news, and macroeconomic events.

When the crypto market will go up?

The timing of the crypto market going up again is uncertain and depends on various factors, including market sentiment, adoption, and regulatory developments.

Does crypto go up or down?

Cryptocurrency prices fluctuate, experiencing both upward and downward movements over time.

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