The broader crypto market saw a slight correction toward the weekend as day-on-day metrics fell by over 1.5%. Dominant crypto Bitcoin (BTC) is now closer to the $18,000 level and is far from breaking through its long-standing $19,000 resistance. Following this, Ethereum (ETH), the second biggest crypto by market cap, is also back to its $1,200 resistance level, after breaking into the $1,300 support zone earlier this week.
Along with BTC and ETH, Solana also made news as it led the crypto market down with the highest drop among the top 10 cryptos. SOL fell by over 4% in 24 hours and was priced close to $29 at the time of writing. Among economic indicators, US did not have any significant stats to report, while higher September inflation numbers from Europe weighed on riskier assets, reckons FX Empire.
Stats for thought
As the broader crypto market is back in midweek red, daily stats are credible indicators to track 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 was down by over 1.5% in the last 24 hours. It stood at $915.02 billion, at press time. However, the total crypto market volume rose to $73.42 billion currently from $50.50 billion earlier this week.
- Despite its flat price movement, Bitcoin maintained its superior status with nearly 40% market dominance. However, BTC is now trading close to $18,000, far from its $19,000 resistance and even further from the $20,000 support levels. At press time, its price is at $19,063.
- Ethereum, the second largest crypto by market cap, is also back to the $1,200 range after breaking into $1,300 earlier this week. ETH was trading at $1,280, at publishing time.
- According to TradingView, the ETH/BTC ratio is down by 20.4% since 8 September, indicating a downward trajectory for the crypto market.
- The onshore crypto index, CRE8, was largely unmoved day-on-day with a 0.01% increase over the past 24 hours.
Trending coins
With the total crypto market volume experiencing downward momentum, Bitcoin trading volume was also down from last week’s $27 billion to nearly $23 billion, at the time of writing. ETH’s trading volume too is heading in the same direction. It was down from past week’s $9.5 billion to $8.6 billion, at press time.
Even the leading stablecoin USDT fell from last week’s $37 billion to $33 billion in terms of its trading volume.
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.
Uniswap (UNI) maintained its place among the top four, while Aptos surprised the community with its triumphant entry. This happened close on the heels of the much-anticipated mainnet debut of the layer-1 blockchain, Aptos, earlier this week.
What’s happening on the CFGI front?
The larger crypto market is extremely fearful of the midweek crash and it is showing in community sentiment. The Crypto Fear and Greed Index (CFGI), which records market volatility, social media sentiment, dominance, and market momentum, was in the extreme fear position with the index at 23.
The crypto industry has been in the extreme fear range for a month now. To put things in perspective, the slight hike in CFGI dents hopes of a bull run.
