Crypto market update: 26 October 2022

market update

The crypto market is rallying as US economic indicators provided support to riskier assets and the lower house of the UK Parliament voted in favor of considering crypto as regulated financial instruments. The total crypto market cap shot up to $971.85 billion from yesterday’s $888.3 billion in the last 24 hours.

Many top cryptos by market cap registered gains, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) leading the way with over 10% day-on-day hike. Following this, the dominant crypto Bitcoin (BTC) finally broke through its $19,000 resistance into $20,000 support levels.

According to FX Empire, weak numbers from parallel markets eased concerns of a hawkish Fed move in December, boosting investor sentiment. In August, the S&P/Case-Shiller House Price Index Composite 20 n.s.a increased by 13.1% year-over-year, down from 16.0% in July. The index records the variation in the selling price of single-family homes in 20 metropolitan areas in the United States. To put things in perspective, a surge in mortgage rates due to the Fed interest rate hikes has led to a fall in home prices.

What’s happening on the CFGI front?

The Crypto Fear and Greed Index (CFGI), which records market volatility, social media sentiment, dominance, and market momentum, finally broke out of the extreme fear position of 20s into 30s. As opposed to yesterday’s 20/100, today’s CFGI levels stood at 33/100.

With this, the CFGI saw its highest reading since the month of September when it touched 34/100 level. The change in index reading came as a welcome relief for the crypto industry that remained in the extreme fear zone for most of October.

Key gainers and losers

The cryptos that gained the most at publishing time are Ethereum (10.52%), Solana (10.36%), Cardano (9.98%), Sushi (9.64%), and Ethereum Classic (9.30%), according to live data from CoinSwitch.

However, some tokens lost value during the 24-hour window. The underperformers include Elrond (3.27%), Aave (2.63%), district0x (0.70%), and Polymesh (0.56%). Notably, even the market’s recent favorite Aptos dropped by 5.36%.

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