Crypto Beginner

Crypto market update: 23 August 2022

Solana drops

The broader crypto market is recovering from the weekend dip and started the week in the red. Continuing the bearish streak in Monday’s session, top cryptos by market cap are mostly trading in the red, with Bitcoin trading below $22,000. At publishing time, the world’s largest cryptocurrency by market capitalization was trading at $21,395, dropping by 0.55%. Ethereum followed Bitcoin’s lead, dropping 0.06%, trading at $1,626.75. Among top 10 cryptos, Solana (SOL) is the biggest loser, tumbling 4.33% to $35.39 after hitting a six-week low of $33.92 overnight.

The total crypto market cap also slid below the psychologically important $1-trillion mark and ended the day with $988.4 billion. The crypto market cap is down by $71 billion for the month of August so far.

Fear and Greed Index

The Fear & Greed Index, a popular market sentiment indicator, fell from 29/100 to 28/100, inching closer to the Extreme Fear line. The latest drop confirmed the downward trend that began with a reading of 47/100 recorded on August 14. A lower reading on the index (0-49) indicates fear in the market, while a higher reading (50-100) signals greed. A relapse into the Extreme Fear zone might push BTC below $20,000, close to the year’s low of $17,605.

Top gainers and losers

Despite the lackluster market, some coins defied the trend, finding strong support. Chiliz (CHZ), the leading digital currency for sports and entertainment, is up by 21.36%. Other major gainers were programmable digital currency EOS (EOS) which rose 20.38% and Cosmos (ATOM) that gained 12.18%.

Solana (SOL) is down 4.33% at the time of writing. Other laggars were DIA (DIA) which is down by 4.88%, as well as Numeraire (NMR) and Celer Network (CELR) which lost 2.80% each. The last three coins mentioned notched up weekly losses of 16.96%, 7.31%, and 15.07%, according to live data from CoinSwitch.

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