On Tuesday, the crypto market, which had a mixed session, seemed to be trying to recover from the FTX fiasco. The total crypto market cap showed some improvement, rising by $50 billion after Monday’s low of $800 billion.
Hopes of a favorable outcome for Ripple in its ongoing legal battle with the SEC created significant support for native token XRP. As a result, XRP led gains among the top 10 cryptos by market cap with gains close to 4%.
Bitcoin (BTC) was mostly sideways during the day, hovering between $16,662 and $17,052. Meanwhile, ETH was trading in a narrow range between the resistance levels at $1,238 and $1,283.
BNB, however, continued to struggle, with a decline of close to 1% registered to its name.
News about Binance creating a recovery fund to support the industry, a slowdown of US wholesale inflation for the fourth consecutive month in October, and a positive end of the day for Nasdaq 100 reduced the impact of the FTX collapse.
Movers and shakers beyond the top 10
At publishing time, the top gainers, according to CoinSwitch data, are:
- Band Protocol (BAND): +12.73%
- Chiliz (CHZ): +12.20%
- Algorand (ALGO): +10.13%
- Golem (GLM): +8.21%
- iExec RLC: +7.52%
Some of the leading losers are:
- Swipe (SWP): -7.35%
- Ambire AdEx (ADX): -1.60%
- Alien Worlds (TLM): -1.54%
- Axie Infinity (AXS): -1.37%
- Gala (GALA): -1.24%
Crypto Fear and Greed Index
The Crypto Fear and Greed Index, a measure of market sentiments, suggests that extreme fear prevails in the crypto space for now. Gaining one point in the last 24 hours, the index is at 23/100.
The US retail sales numbers and trading sentiment around Nasdaq 100 may give the crypto market further direction later today.
