Crypto Market Update: 8 August 2022

The broader crypto market has a positive start to the week, up by 1.66% at the time of writing. Last week was about exploits during the weekdays, followed by a relatively quiet weekend with fewer action elements. As we enter the second week of August, the global crypto market cap has steadily increased to $1.10 trillion  up by almost 1.40% compared to Sunday.

Key highlights

Monday mornings usually set the tone for the entire week. Let us see what it means for the entire crypto space—by looking at some of the latest market indicators:

• The 24-hour market volume keeps dipping, down by a significant 8.19% compared to the weekend.
• Bitcoin dominance has dropped since last Friday and is currently stable at 40.37%.
• The Crypto Rupee Index (CRE8) has a flattish start to the week as it was seen trading at ₹3,013.17 (as of 8 August, 8.00 a.m.), up by a marginal 0.39% in the last 24 hours.

Key coins

Despite the tepid market action, several individual cryptos have surged as of publishing time. Airswap (AST), a reliable DeFi project, appears to be in the lead— registering unrealized gains of 17.78%. Following AST is Loopring (LRC)— a layer-2 scaling solution of interest— up by 10.08%, spurred by a 226% rise in daily trading volumes.

Chainlink (LINK) and Cosmos (ATOM) are also seen outperforming the market, gaining 8.80% and 6.62% respectively.

Among the CRE8 constituents, BTC and ETH have been holding steady over the past 24 hours, gaining 1.43% and 1.83% in the process. However, Binance Coin (BNB) and Solana (SOL) have moved the most—with a 5.67% and 4.29% uptick, respectively.

Crypto Fear and Greed Index

On Friday, the Crypto Fear and Greed Index (CFGI), a measure of investor sentiment, was at 31. Since then, it has dropped by a single point and is currently holding onto the 30 levels, indicating some buyer fear. Even though the index has improved significantly compared to the last month, where it was languishing at 11 (on 3 July), it would still require ample insights and caution to make strategic decisions. Measured on a scale of 0-100, lower scores represent fear, while higher scores point to investor greed.

Looking ahead, we can expect this to be an eventful week for crypto as the official Ethereum testnet merge (Goerli Merge) is due in a couple of days. Yet, we would recommend DYOR (doing your research) to make sense of the current market conditions.

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