Crypto market update: 10 November 2022

Crypto market update

As investors responded to news of Binance backing out of the FTX acquisition, the crypto market took a massive hit on 9 November 2022. With a 14% slump, the total crypto market cap shed $122.7 billion to end the day at $753.9 billion.

All top cryptos by market cap registered huge losses as the day progressed. Solana (SOL), the token that has been caught in the middle, plunged the most. After losing 38.6% of its value yesterday, SOL fell out of the top 10. Following SOL, Binance Chain (BNB) and Ripple (XRP) also encountered massive losses of 18.61% and 18.14%, respectively.

With all the turmoil, the crypto market decoupled from the Nasdaq Composite Index. Nasdaq was in for a marginal loss of 2.48%.

The crypto market is expected to remain bearish in the day ahead. The FTX story remains the focal point for the third consecutive day.

Crypto Fear and Greed Index

Thanks to the FTX liquidity crunch, the Crypto Fear and Greed Index, which gauges market sentiments, fell to 22/100. The move indicates that market continues to stay in the “Extreme Fear” zone.

On 8 November, the index was at 29/100. A return to 40 is needed for the index to move into the neutral zone.

Crypto fear and greed index
Screenshot of Crypto Fear and Greed Index

Key coins

Yesterday, Bitcoin (BTC) stooped to a new low since November 2020, as losses gathered on the broader crypto landscape. With a 14.20% loss to its name, BTC ended the day below the $16,000 level, according to FXEmpire. Notably, the new low comes exactly one year after hitting an all-time high of around $68,000 in November 2021.

Following Bitcoin’s downward trajectory, Ethereum (ETH), the second-largest crypto by market cap, also recorded a massive loss of 17.95% during the day. ETH ended the day at $1,161 and is trading at $1,164 at publishing time.

Top gainers and losers

In the past, the top cryptos taking a hit usually paved the way for other altcoins to shine. But in the market, smaller coins have been badly affected too. The coins that have managed to register some marginal gains, according to data from CoinSwitch as of 10 November, are:

  • Maker (MKR): +3.76%
  • Dai (DAI): +0.14%
  • USD Coin (USDC): +0.10%

In a market dominated by laggards, the cryptos with the most massive losses today are:

  • Solana (SOL): -34.02%
  • Band Protocol (BAND): -31.44%
  • AirSwap (AST): -30.67%

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