Crypto Beginner

Crypto market update: 5 August 2022

crypto market update 5 august

Friday begins with the crypto market in green—an uptick of 0.83% at release. Despite the back-to-back breaches experienced between the 2nd and 4th of August, the broader space looks robust for now.
Last week’s relief rally seems to have fizzled out, but the market cap holds steady at $1.08 trillion—up by 0.44% over the past 24 hours.

Key highlights

As we approach the weekend, it may be appropriate to take a closer look at some key figures that have revealed themselves this morning:

  • Despite the marginal increase in the 24-hour market cap, the daily trading volume seems to have dipped by almost 5% as of 5 August 2022.
  • Stablecoins seem to have contributed 92.15% of the entire trading volume registered since yesterday.
  • Bitcoin’s market dominance is at 40.73%, down by 0.43%, day on day.
  • CRE8, India’s first onshore crypto index, was trading at ₹2,978.40 (as of 5 August, 8.30 am), up by 1.77%, on a day-to-day basis.

Key coins

The top 10 crypto assets by market capitalization stayed put during the past 24 hours. They were able to keep steady due to the lack of actionable market-moving news or sentiments. While assets like Ethereum (ETH) and Ripple (XRP) gained close to half a percent, Binance Coin (BNB) managed to outperform the market with a day-on-day upmove of 3.59% at release.

Interestingly, not many top cryptos corrected a lot, showing that Thursday was more of a rangebound day for the market.

Meanwhile, Celer Network (CELR)—a scaling-based project—seems to have gained the most over the past day or so, sitting on 9.97% gains. Following CELR is the ultra-fast DeFi project Fantom (FTM), up by close to 7.30%.

Coming to the assets that were corrected in the past 24 hours, Quantstamp (QSP)—a smart-contract project—took the lead, dipping by over 14%. Despite recording epic domain registration numbers in July (378K), ENS corrected by 6.45%.

Crypto Fear and Greed Index

The crypto market steadiness seems to be working positively, from a sentimental view. The Crypto Fear and Greed Index (CFGI) is currently at 31. While we are still in the fearful territory, this figure was a significant improvement from last month’s 18.

Overall, Friday looks a tad pedestrian with no big moves to track as of now. We still recommend a Do-Your-Own-Research (DYOR) strategy and some caution.

What’s the current state of the crypto market?

The crypto market has seen a recent decline, with the total market volume falling by 9.22% in the last 24 hours

Which cryptocurrencies are performing well?

As of June 2024, top-performing cryptocurrencies include Binance Coin (BNB), Solana (SOL), and U.S. Dollar Coin (USDC)

What’s the sentiment among traders and investors?

Investor sentiment is cautious due to market volatility and recent declines, influencing their investment decisions

Which cryptocurrencies are struggling?

Bitcoin and other major cryptocurrencies are experiencing a downturn, with Bitcoin currently trading down by 2.82%

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