Crypto market update: 28 October 2022

Crypto market update: 28 October 2022

After experiencing two bullish sessions, the crypto market had a mixed session yesterday. Most of the top cryptos by market cap were seen trading in the red. The total market cap went down by $19.5 billion, ending the day at $940.1 billion on 27 October.

Most of the top cryptos underperformed, with Cardano (ADA) and Ethereum (ETH) leading the way down, losing 3.72% and 3.34%, respectively. Bitcoin (BTC) and Solana (SOL) also lost value. BTC fell by 2.35%, reversing a 3.41% rally from Wednesday. But despite the loss, BTC ended the day at $20,301, holding steady over $20K. Ethereum (ETH) was also down in yesterday’s session, ending the day at $1,554, according to CoinMarketCap. Ethereum is continuing its downward momentum at publishing time.

However, Dogecoin continued its upward momentum, buoyed by Tesla CEO Elon Musk nearing completion of the $44B acquisition of social media platform Twitter. The memecoin witnessed a gain of 5.82% in yesterday’s session.

The mixed session is attributed to the US economic indicators and corporate earnings that tested crypto trader’s appetite after two bullish sessions. However, disappointing earnings reports from the likes of Meta Platforms had a more significant impact. The tech-heavy NASDAQ 100 fell by 1.63% on Thursday.

Crypto Fear & Greed Index

The Fear and Greed Index, an indicator of market sentiments, dropped from 32/100 to 30/100, indicating “Fear.” Despite the modest decline, the index remained within the fear zone. At the start of this week, the index was in the “Extreme Fear” zone.

Crypto Fear & Greed Index

Top gainers and losers

The top five gainers in the last 24 hours include:

  • Uniswap (UNI): 1.94%
  • Terra 2.0 (LUNA2): 1.64%
  • GAS (GAS): 1.08%
  • Cosmos (ATOM): 0.84%
  • Chromia (CHR): 0.52%

The top five losers in the last 24 hours include:

  • QuarkChain (QKC): (-12.04%)
  • Augur (REP): (-6.22%)
  • Chiliz (CHZ): (-6.11%)
  • Shiba Inu SHIB: (-5.55%)
  • Compound (COMP): (-5.35%)

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