Crypto market update: 11 November 2022

market update November 11

The broader crypto market turned green on the last day of what has otherwise been a pretty testing week for traders and investors alike. The market is up 6.90% at press time—desperately trying to reclaim the $900 billion market cap (sitting at $863.1 billion). The onshore crypto market is up 10.62%, bringing some relief to crypto enthusiasts.

Bitcoin dominance, which is inversely correlated to altcoin growth, is down by a quarter of a percentage point and is holding at 38.13%. This figure shows that a handful of altcoins have moved faster than BTC during the past few relief sessions.

The quick price spurts might mean that the crypto space has finally started to look beyond the FTX contagion. However, the encouraging US inflation data might have propelled cryptos such as BTC, ETH, BNB, and XRP to single- and double-digit gains, day-on-day. The inflation data came in yesterday, and the 7.7% inflation for the month of October was lower than what economists had expected.

Meanwhile, an interesting trend resurfaced. At the time of publishing, the tech-heavy NASDAQ is up 7.35%, in line with the gains made across the crypto space.

Crypto Fear and Greed Index

The reputed market sentiment index has been seeing a steady drop this week. However, it entered the “Extreme Fear” zone yesterday, dropping to 22. Today, the Crypto Fear and Greed Index has gained three points to trade at 25. As you can see below, 25 is in the “Fear” zone and at the entry-level of the second quadrant of the index—25 to 49.

market update CFGI

Crypto Fear and Greed Index at 25


However, for buyers to come into action, the index must move north of 30. Besides, the increase should sustain for a while for traders and long-term investors to gain some confidence.

Top gainers and losers

Here are some of the cryptos that have been registering steady gains over the past few hours, courtesy of the relief rally:

  • Band Protocol (BAND): +66.94
  • Chiliz (CHZ): +36.42%
  • AirSwap (AST): +25.10%
  • Cosmos (ATOM): +19.00%

As of now, there are no bottom performers as the rising tide seems to have lifted all boats (cryptos) listed at CoinSwitch.

Key coins

Now that some of the lesser-known coins and their unexpected price spurts have been looked at, it’s time to shift focus to some of the key cryptos. With the inflation data coming out lower than expectations, BTC saw a 6.32% rise in the past 24 hours. Ether (ETH) was more aggressive, up 9.66% during the timeframe.

However, Polygon (MATIC) was the biggest outperformer, moving up 27.23% to reclaim the pre-FTX levels. Decent surges were also seen at Dogecoin’s counter, with the memecoin closing the 24-hour price action with 13.67% unrealized gains at the time of publishing.

Overall, the last day of the week has had a good start in terms of numbers. We would like the market to sustain the gains and recommend an iron-clad DYOR strategy for you as we are still navigating the FTX turmoil.

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