The broader crypto market remains flat, but also experienced a slight uptick in the 24-hour period. Dominant crypto Bitcoin (BTC) continues to hover around the $19,000 resistance. However, Ethereum (ETH), the second biggest crypto by market cap, finally broke out of its $1,200 resistance level and is currently priced at over $1,300.
Along with BTC and ETH, XRP too is gaining investor attention. According to FX Empire, XRP is witnessing volatility while the token awaits verdict in the ongoing XRP lawsuit. This Monday, XRP dropped past the First Major Support Level (S1) at $0.4680 before rallying to an early afternoon high of $0.48258. Following this, it fell short of the First Major Resistance Level (R1) at $0.4865, and was priced at $0.4733, at the time of writing.
Stats for thought
While the broader crypto market is rather stagnant, daily stats are credible indicators to track tradeable movements. You might want to keep them in mind while you Do Your Own Research (DYOR) to plan your trades.
- The global crypto market cap is slightly up with a 1.5% increase in the last 24 hours. It stood at $935.36 billion, at press time. Following this, the total crypto market volume also rose from last week’s $43.96 billion to $50.50 billion currently.
- Despite its flat price movement, Bitcoin maintained its superior status with 40.08% market dominance. However, BTC is not trading at a significant distance from its $20,000 support. At press time, it is priced at $19,537.
- ETH, the second largest crypto by market cap, broke past its $1,200 resistance level and was priced at $1,332, at publishing time.
- According to TradingView, the ETH/BTC ratio is down by over 19% since 8 September, indicating a downward trajectory for the crypto market.
- The onshore crypto index, CRE8, saw minimal change with a 0.35% drop over the past 24 hours.
Trending coins
With the total crypto market volume experiencing upward momentum, Bitcoin trading volume has risen from last week’s $24 billion to above $27 billion, at the time of writing. ETH’s trading volume too is heading in the same direction, increasing to $9.5 billion from $8 billion last week.
USDT, a leading stablecoin, too, is trending. The stablecoin rose from last week’s $32.5 billion in terms of its trading volume, to nearly $37 billion at the time of writing.
According to LunarCrush, dominant cryptos Bitcoin and Ethereum continued to have the highest number of social mentions for another month in a row. Social mentions reflect a token’s social media presence, which directly impacts its price movement.
Solana lost its position among the top four to Uniswap (UNI). Meanwhile, TechTreesCoin (TTC) regained its slot on the social mentions chart.
What’s happening on the CFGI front?
Despite the crypto market’s 24-hour green trajectory, the larger market continues to display extreme fear. While other crypto market metrics saw some improvement, the Crypto Fear and Greed Index (CFGI) is still in the extreme fear zone at 22. CFGI, which records market volatility, social media sentiment, dominance, and market momentum, has scope for improvement as regulatory clarity is expected in cases like the XRP lawsuit.
The crypto industry has been in the extreme fear zone for a month now. To be sure, the slight hike in CFGI further dents hopes of a bull run in the near future.
