Crypto market update: 18 November 2022

market update

The broader crypto market staged a recovery of sorts this Friday morning, with a 0.82% day-on-day uptick against its name. Although the upmove was marginal, it could sail the beaten-down market past the sea of red around. At press time, the global crypto market cap is at $841.27 billion.

The overall trading volume saw a 12.77% drop over the past 24 hours, and the DeFi space registered a 0.46% dip. The current TVL for DeFi is $42.71 billion, according to DeFillama, a DeFi TVL aggregating dashboard.

Bitcoin dominance is heading upward so far, for the second consecutive day. It is currently at 38.67, marking a 0.27% upmove since yesterday.

Meanwhile, the global equity market continued its red streak. Nasdaq and S&P 500 shed 0.35% and 0.31% since yesterday. A variety of drivers are causing the crypto and equity market movements for now—a trend that is favoring those expecting the two to decouple.

Crypto Fear and Greed Index

The crypto space’s go-to sentimental index made a three-point jump today. It is currently at 23, up from yesterday’s low at 20.

It will take some more social optimism, decreased volatility, and better buyer confidence to push the index into neutral territory, which may be found north of 40.

Market update CFGI

As of now, the first target is to move back to the “Fear” quadrant—something that would require a 2-point drop.

Key coins

Coming to the top 10 coins by market cap, Bitcoin (BTC) and Ether (ETH) have had a decent past 24 hours. They are currently up 1.90% and 1.19%, respectively, at press time.

Ripple (XRP) continues to be the dark horse—up 2.47%, day on day. Dogecoin (DOGE) and Cardano (ADA) have been trading flat, more or less, since yesterday. Solana (SOL) is dipping again, extending its weekly erosion to over 18% at the time of writing.

Top gainers and losers

Here are some of today’s top gainers, as of 9 am on 18 November 2022, according to CoinSwitch data:

  • Request (REQ): +15.89
  • Litecoin (LTC): +8.26%
  • Chiliz (CHZ): +8.25%

Some coins/tokens that aren’t doing so well today are:

  • Sushi (SUSHI): -4.42%
  • AirSwap (AST): -3.62%

Most cryptos are still reeling from the devastating FTX collapse. However, with the market trading in the positive territory on early Friday, we shouldn’t discount a recovery yet.

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