Crypto Beginner

Crypto market update: 1 September 2022

1 September, market update

A tumultuous month for the crypto market finally ended with a mixed session yesterday. Bitcoin dropped below the resistance level of $20,000 at one point during the day, but it quickly gained traction again and rose by 1.18%. However, the month of August as a whole saw the world’s largest crypto go down by 13.89%, despite steering clear of July’s $18,962 low.

Ethereum (ETH) led the way yesterday, rising by 1.91%, supported by investor enthusiasm for the upcoming Merge. Other cryptos, from the top 10 by market cap list, following ETH include SOL, with a 0.02% hike, and XRP, with 0.36%.

As for the total crypto market cap, it touched $956.5 billion at the end of the day after moving up and down the charts. The total crypto market cap took a hit this August, sliding by $105.2 billion, due to the turbulent market and is below the psychologically important 1 trillion at the moment.

The Fear and Greed Index

The Fear and Greed Index has fallen to 20/100 as of 1 September 2022, which means the market is deep in the Extreme Fear zone. The 3% drop from Tuesday bearish market sentiments. If the downward trend continues, BTC’s current year low of $17,605 will remain in play. BTC can only return to $25,000 if the index crosses 40/100.

Top gainers and losers

According to CoinSwitch market data, the top gainers at publishing time are Terra 2.0 (LUNA) which led the way up with 4.45% gains, followed by Chiliz (CHZ) and AirSwap (AST), with 3.35% and 3.10% gains, respectively.

However, RLC is trading in the red, down by 9.68%, and so are IOTX (-8.31%) and MKR (-7.30%).

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