Crypto Beginner

Crypto market update: 19 August 2022

DOGE slumps

After the week’s bullish trend, it is a mixed session for the broader crypto market. Bitcoin (BTC) is currently in the green, but it may fall short of $24,000 for the first time since 9 August. BTC fell 0.55% in yesterday’s session after falling 2.19% on Wednesday, extending its losing streak to five sessions.

Dogecoin (DOGE), the top meme coin, is leading the way down. DOGE and Shiba Inu Coin (SHIB) traded in the red for the second day in a row. DOGE dropped by 6.85% to $0.07473, while SHIB fell 8.80% to $0.00001348.

Total crypto market cap continued the downfall, going below $1,100 billion. Market cap hovered between $1,080 billion and $1,107 billion. Despite the four-day losing streak, the market cap recovered compared to the previous day and at the time of release, the total market cap stands at $1,093 billion.

Source: TradingView

Top gainers and losers

Kyber Network (KNC) and AirSwap (AST) are up by 4.03% and 0.62%, respectively, while USD Coin (USDC) and Tether (USDT) gained 0.03% and 0.06% respectively. However, Ethereum Name Service (ENS) fell 14.09%, along with Synthetix Network (SNX) which lost 12.84% and yearn.finance (YFI), which tumbled 12.62%.

Crypto Fear and Greed Index

The Fear & Greed Index, a popular market sentiment indicator, rose from 30/100 to 33/100. Despite Bitcoin’s failure to revisit the $24,000 level, the Bitcoin Fear & Greed Index rose by 3%, suggesting resilience in investor sentiment. However, the index needs to return to 40 to support BTC’s return to $25,000.

Crypto Fear and Greed Index

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