Crypto market update: 13 October 2022

market update

The broader crypto market is flat as it awaits the US Consumer Price Index report, which is expected to be released today. Dominant cryptos including BTC and ETH continue to hover around the $19,000 and $1,200 levels, respectively. However, according to FX Empire, these metrics may be reversed soon with a softened inflation rate.

The Producer Price Index rose by 0.4% in September, reversing August’s 0.2% decline, and another 0.2% rise might occur in the future. Furthermore, the annual wholesale inflation rate, which previously dropped from 8.7% to 8.5%, is expected to drop further, to 8.4%.

Stats for thought

While the broader crypto market still looks flat, the daily stats below show tradeable movements. You may want to keep them in mind while you Do Your Own Research (DYOR) to plan your trades.

  • The global crypto market cap has largely been stagnant with a small increase of 0.21% in the last 24 hours. It is standing at $921.37 billion at press time. However, the total crypto market volume saw some significant change. Monday’s $32.80 billion transformed into $43.96 billion, a number recorded at the time of writing.
  • Despite its flat price movement, Bitcoin maintained its superior status with 39.84% market dominance. BTC is trading at a significant distance from its $20,000 support. At press time, its price is at $19,108.
  • The second largest crypto by market cap, ETH, on the other hand, stands at $1,293, at publishing time.
  • According to TradingView, the ETH/BTC ratio is down by over 20% since 8 September, indicating a downward trajectory for the crypto market.
  • The onshore crypto index, CRE8, is in the red with a 0.52% drop over the past 24 hours.

Trending coins

With the total crypto market volume experiencing upward momentum, Bitcoin took a break from its two-week red streak. The trading volume of the crypto giant has risen from Monday’s $17 billion, going over $24 billion at the time of writing. ETH’s trading volume too is heading the same direction. It is up by $3 billion since Monday and is currently over $8 billion.

One of the leading stablecoins, USDT, also saw its first hike after a massive week-on-week drop. As opposed to earlier this week, USDT rose from $23 billion to $32.5 billion in terms of its trading volume, at the time of writing.

According to LunarCrush, dominant cryptos Bitcoin and Ethereum continued to have the highest number of social mentions for the third week in a row. Social mentions reflect a token’s social media presence, which directly impacts its price movement.

Solana lost its place among the top four to Uniswap (UNI). Meanwhile, Terra Classic (LUNC) made a grand entry back on the social mentions chart.

What’s happening on the CFGI front?

Despite bullish market predictions from analysts, the larger crypto market continues to display extreme fear. Along with other crypto market metrics, the Crypto Fear and Greed Index (CFGI), which records market volatility, social media sentiment, dominance, and market momentum, also saw some improvement. The crypto market is still in the extreme fear position with the CFGI at 20. But it’s an improvement because the week started with the CFGI at 22.

The crypto industry has been in the extreme fear range for three weeks now. So the slightly lowered change in CFGI is not enough to spell hope yet.

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