Crypto market update: 8 November 2022

Crypto market update: 8 November 2022

Most top cryptos by market cap spent a significant amount of time in the red yesterday, 7 November 2022. Solana (SOL) registered the highest losses, tumbling by 9.19% amid speculation that it might get dragged into the ongoing drama surrounding FTX exchange and Alameda Research.

The overall market too experienced a bearish session, as a result. After hovering around the 1 trillion market cap for the past couple of days, the crypto market cap slid down to $974.8 billion yesterday. A total loss of $7.2 billion was incurred.

The upcoming US Consumer Price Index (CPI) report is a significant economic indicator that could influence the Fed. With the lack of economic indicators to influence the market, investors are counting on this week’s US CPI report to test buyer appetite.

On the heels of the report, the crypto market decoupled from the tech-heavy Nasdaq. While the crypto market traded in the red, the Nasdaq Composite Index rose by 0.85%.

Crypto Fear and Greed Index

The Crypto Fear and Greed Index, which indicates overall crypto market sentiment, slipped two points down, slipping into the Fear territory. The Index fell from the 33/100 mark, recorded during the previous session, to 31/100. The Index would need to avoid landing below the 30/100 level to support a move into the neutral zone.

Crypto Fear and Greed Index

Key coins

Bitcoin (BTC), the world’s largest crypto by market capitalization, witnessed a marginal loss of about 1.54% yesterday. However, despite it, BTC managed to stay above the $20,000 level. At the time of writing, BTC is down by 5.86% to $19,673.

In contrast, the second largest crypto by market cap, Ethereum (ETH), remained flat during yesterday’s session. However, at publishing time, ETH is also down by 2.22% and is trading at $1,467.

Top gainers and losers

Live data from CoinSwitch shows the cryptos that are piquing the investors’ interest at the moment. The following are the top-performing coins at publishing time:

  • (YFII): 4.59%
  • VeChain (VET): 3.31%
  • Chainlink (LINK): 0.27%
  • Tether (USDT): 0.06%
  • USD Coin (USDC): 0.03%

Some of the lackluster performances at the moment include:

  • Solana (SOL): -20.00%
  • Band Protocol (BAND): -15.91%
  • Dogecoin (DOGE): -15.35%
  • Uniswap (UNI): -13.61%
  • Chiliz (CHZ): -13.30%

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