With Tuesday being one of the more volatile days for crypto, thanks to the crisis in crypto exchange FTX and the related purchase proposal made by rival Binance, impact spillovers were expected. Some cryptos like Binance Coin (BNB) and Solana (SOL) initially surged after the purchase deal proposal went public only to drop further.
The broader crypto market, therefore, didn’t have the brightest start on Wednesday morning. The overall market cap is down by 11.42% at press time.
Meanwhile, Bitcoin dominance continues to remain flat for the second consecutive day—at 38.62%. Falling Bitcoin dominance is often good news for altcoins in a rising market.
Nasdaq and S&P 500 are trading marginally in the green—up 0.49% and 0.56%, respectively, at publishing time. A crypto-equity decoupling could therefore be in the offing. So while the FTX-Binance conversation is currently driving the market, it may be interesting to see what the US Consumer Price Index (CPI) data yields tomorrow. Gold, on the other hand, is trading at a deficit of 0.33%.
Crypto Fear and Greed Index
Sentiment-wise, the market isn’t doing better than yesterday. The Crypto Fear and Greed Index is currently at 29. That’s a two-point drop since 8 November 2022. However, we are still in the “Fear” zone—the 25-49 quadrant. The “Extreme Fear” territory starts below 25.
The Fear and Greed Index standing shows that the market might recover if a positive sentimental driver comes along.
Currently, the social media chatter is all about FTX and Binance. For now, it may be preferable to wait for the key narrative to change.
Top gainers and losers
The top gainer on the CoinSwitch app, as of 9 November 2022, at 9 am, are:
- DFI.money (YFII): +31.08%
- USD Coin (USDC): +0.04%
- Tether (USDT): +0.01%
Cryptos with the largest losses today are:
- Chilliz (CHZ): -23.99%
- Curve DAO Token (CRV): -22.95%
- Dogecoin (DOGE): -22.81%
- Kyber Network (KNC): -22.62%
- Terra 2.0 (LUNA2): -22.31%
The drops are far more pronounced owing to the sentimental weakness all around.
Key coins
Now that we have touched upon CoinSwitch’s top movers, let’s take a closer look at the market players that are flourishing, for now, going by market cap. Bitcoin (BTC) and Ether (ETH) had to bear the brunt of yesterday’s events. They dropped 11.39% and 15.94%, day on day.
Polygon (MATIC) and Solana (SOL) had some of the biggest losses among the top 10 players. Currently, they are trading with corrections of 17.06% and 21.07%, respectively. The onshore crypto index, CRE8, is down 8.25%, which means the Indian crypto space is showing more strength than the global scene.
And that’s all about the market for today. If you are looking to explore any of the crypto assets on CoinSwitch, we recommend a solid DYOR plan and discretion.
