Crypto market update: 7 November 2022

crypto market

The broader crypto market displayed resilience over the weekend with Bitcoin and Ethereum providing support. The total crypto market cap continued to hover above the $1 trillion level, which helped improve investor confidence. However, at the end of Sunday’s session, the market is showing a bit of weakness with slight selling pressure seen in all the top 10 cryptos.

BTC’s three-day winning streak, which pushed its price above the $21,000 level, came to an end and the top crypto is trading near its major support, closer to the $20,800 level. ETH, the second-largest crypto by market cap, also showed a similar trend and is trading below the $1,600 level. Among the top 10 cryptos, SOL and DOGE are the top losers and are down by 8.86% and 5.44%, respectively, in the last 24 hours.

MATIC, the top gainer, added over 35% over the past week.

Monday’s session is likely to be uneventful in the absence of triggers from both the markets—global equities market and the crypto market. Accordingly, the market is expected to look for any signals from the members of the Federal Open Market Committee, a branch of the Federal Reserve, regarding the quantum of future interest rate hikes. Such chatter may provide short-term direction to the market. In the final hours of Monday’s session, the crypto market is likely to follow the Nasdaq’s movement for some clues.

Last Friday, Nasdaq closed the day with a 1.28% gain, which helped the market to stay in the green zone over the weekend.

Crypto Fear & Greed Index

The Crypto Fear and Greed Index, which measures the overall market sentiment, moved higher to the 40/100 level early in yesterday’s session, the highest reading since 18 August 2022, indicating an easing of investor fears.

However, the end-of-the-day selling pressure resulted in the index falling to the 33/100 level.

On a scale of 1 to 100, 1 indicates that the crypto market is in an extreme fear state, where people are selling, whereas 100 signals an extreme level of greed, where investors are buying.

Top gainers and losers

Some of the top gainers, according to CoinSwitch data, as of 7 November 2022 are:

  • Ambire AdEx (ADX): +7.76%
  • Polygon (MATIC): +6.59%
  • Litecoin (LTC): +4.88%
  • Chiliz (CHZ): +4.01%
  • (FET): +1.53%

Some of the losers at publishing time are:

  • Ethereum Name (ENS): -9.31%
  • Solana (SOL): -8.93%
  • Loopring (LRC): -6.87%
  • Uniswap (UNI): -6.72%
  • Kyber Network (KNC): -6.12%

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