Bullish market sentiment appears to balance out Monday blues with XRP leading the gainers’ charge. XRP notched up gains for the sixth consecutive session, while BTC, the largest crypto by market cap, continued to stay below its $20,000 support range, according to data from FX Empire.
Furthermore, the crypto community is hoping for a breather from massive price swings as there is no significant development expected for market participants to sell the news, be it US economic indicators or hawkish actions from the Fed.
Stats for thought
While the broader crypto market still looks flat, these daily stats show tradeable movements while you DYOR:
- At the time of writing, the global crypto market cap stood at $947.47 billion, marking a nearly 1% hike in a 24-hour window. However, the total crypto market volume was down by about $20 billion to $32.80, compared to last week’s level of $52.83 billion.
- Despite a slight correction of 0.18% over the day, Bitcoin’s market dominance maintained its superior status at 39.46%.
- At press time, BTC was trading below its $20,000 support at $19,506, while ETH, the second largest crypto by market cap, stood at $1,332 with nearly 2% hike in day-on-day price metrics.
- According to Tradingview, ETH/BTC ratio was down by over 19% since September 8 (pre-Merge), indicating a downward trajectory for the crypto market.
- The onshore crypto index (CRE8) is displaying a bullish trend with a 1.6% rise over the past 24 hours.
Bitcoin’s trading volume is witnessing consecutive week-on-week drops for the past two weeks. At press time, BTC’s trading volume was over $17 billion, which is a drop from last week’s $29 billion. This compares to over $46 billion in the week before. Following suit, ETH’s trading volume saw nearly a 50% drop, touching $5 billion from the $9 billion mark registered last week and $16 billion in the week before.
Along with the dominant cryptos facing a downfall in trading volumes, the leading stablecoin USDT also witnessed a massive week-on-week drop. As opposed to last week’s $38 billion, USDT stood at just $23 billion in terms of its trading volume, at the time of writing. Furthermore, similar to BTC and ETH, USDT also had the highest numbers the week before last week with its trading volume touching the $60 billion level.
According to LunaCrash, Solana, Bitcoin, and Ethereum, maintained their status as the highest social mentions for the third week in a row. However, TechTreesCoin (TTC) took the place of Terra Classic (LUNC) on the social mentions chart.
Social mentions, aka a token’s social media presence, directly impacts its price movement. It signifies which cryptos are able to attract the most attention from the crypto community on relevant social media platforms.
The Crypto Fear and Greed Index
Despite bullish market predictions from analysts, the larger crypto market continues to stay in extreme fear territory with bearish numbers for most tokens. According to the Crypto Fear and Greed Index (CFGI), which records market volatility, social media sentiment, dominance, and market momentum, the crypto market is in the extreme fear zone at 22.
The extreme fear range has persisted in the crypto industry for nearly a month with CFGI remaining in the extreme fear zone of 20s for three consecutive weeks now. However, with no significant market-moving news expected, CFGI may well hit its highest reading of 34/100 clocked in the month of September, again this month.