After a lackluster September, October too began on a subdued note as the weekend saw the broader crypto market trading in the red. Monday was no different either, with the long-standing slow market streak continuing, while Tuesday looks uninspiring so far despite a slight uptick in the global crypto market cap. The US Federal Reserve’s weekend announcement regarding interest rates appears to have cast a pall over the market.
Stats for thought
While the current crypto market looks rather stagnant, these daily stats may make or break a trade:
- At publishing time, the global crypto market cap stood at $941.7 billion, registering a 1% increase in the last 24 hours. Furthermore, the total crypto market volume was over 20% in a day at $52.83 billion, but massively low as opposed to last week’s $80.41 billion.
- Bitcoin’s market dominance maintained its superior status at 39.8%, indicating a rather small increase of just 0.08% over the day.
- While BTC was trading at $19,530 at publishing time, while ETH, the second largest crypto by market cap, stood at $1,320 with nearly 2% hike in day-on-day price metrics.
- According to Tradingview, ETH/BTC ratio was down by almost 20% since September 8 (pre-Merge), which means the crypto market continues to remain in the bear phase.
- The broader market sentiment and the onshore crypto index (CRE8) also displayed stagnancy with barely any movement over the past 24 hours. At the time of reporting, CRE8 was only up by 0.10% in a day.
At the time of writing, BTC’s trading volume stood above $29 billion as opposed to its last week numbers of over $46 billion. Meanwhile, ETH’s volume was just over $9 billion compared to last week’s status at $16 billion.
Along with the dominant cryptos experiencing a slow pace in trading volumes, the leading stablecoin USDT also witnessed a massive drop. It fell by over 45% to $38 billion from last week’s $60 billion level amid the ongoing slowdown in the crypto market.
Bringing some cheer amid the gloom, Terra Classic and Solana, along with Bitcoin and Ethereum, maintained their status as the highest social mentions for the second week in a row, according to LunaCrash. Social mentions, aka a token’s social media presence, directly impact 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
The Crypto Fear and Greed Index (CFGI) stood at 20 at the time of writing, signifying extreme fear. More importantly, the CFGI level has remained at the level of 20 or thereabouts for two consecutive weeks now.
In order to change the bearish position of the market, the trader community seeks both strong buying pressure and a relief rally. However, the CFGI that records market volatility, social media sentiment, and dominance saw its highest reading in the past two weeks at 34/100 on 13 September.