The broader crypto market lost steam after it managed to hold on to the $1.02 trillion market cap early on Wednesday. The total crypto market cap fell by $20.8 billion and ended 2 November with $951.6 billion.
After a significant upside, Dogecoin (DOGE) tumbled by 10.16%. Other top cryptos by market cap too lost value, including Solana (SOL), which fell 4.35%. Other underperformers included Ethereum (ETH) and Cardano (ADA), with losses of 3.81% and 3.74%, respectively.
However, Bitcoin (BTC), the largest crypto by market cap, managed to limit its loss to 1.63%. BTC also avoided dipping below the psychologically important $20,000-mark for the eighth day in a row.
As expected, the Federal Reserve’s rate hike announced on Wednesday weighed on the crypto market. The rate increase, followed by Fed Chair Powell’s hawkish comments, dragged the tech-heavy NASDAQ Composite Index down by 3.36% on 2 November, pulling the crypto market deep into negative territory.
The largest and second-largest cryptos by market cap lost value as markets turned choppy yesterday. Bitcoin fell by 1.63% in yesterday’s session, following a modest 0.04% loss on Tuesday. BTC ended the day at $20,721, according to CoinMarketCap. BTC is currently trading at $20,321. Ethereum is down by 2.41% in the last 24 hours, trading at $1,552 at the time of writing.
Crypto Fear and Greed Index
The Crypto Fear and Greed Index, an index that measures the overall market sentiment, remained flat for two consecutive sessions at 30/100, indicating “Fear”. However, the index managed to hold onto the 30/100 level despite the NASDAQ index sliding for the third session.
Top gainers and losers
At publishing time, the top gainers, according to CoinSwitch data, include:
- Litecoin (LTC): 15.73%
- Storj (STORJ): 11.97%
- Chiliz (CHZ): 11.08%
- Band Protocol (BAND): 10.45%
- Basic Attention (BAT): 10.34%
The losers include:
- Dogecoin (DOGE): -7.85%
- Shiba Inu (SHIB): -4.54%
- Power Ledger (POWR): -4.00%
- Status (SNT): -3.00%
- Ambire AdEx (ADX): -2.91%