Crypto market update: 14 October 2022

crypto market update

The crypto market was steady during Thursday’s session as the total market cap hovered in the $920-$950 billion range. The top 10 cryptos posted marginal gains in the last 24 hours with Bitcoin and XRP leading the charts.

Despite the tech-heavy NASDAQ ending the day with a 2.23% gain, the crypto market failed to capture the positive momentum. The Crypto Fear & Greed Index, which measures investor sentiment in the market, continues to be in the extreme fear zone.

Meanwhile, US economic indicators continue to keep the market under pressure. The Core Consumer Price Index—which excludes energy and food prices—rose 6.6% in September, compared to the year-ago period. The increase in consumer inflation is the highest in four decades. Persisting inflationary pressure increases the probability of further interest rate hikes in November and December.

Top two coins

source: tradingview

Bitcoin fell short of breaking above $20K in yesterday’s session, which would have been a very positive development for the crypto market amid bearish sentiment. In the 4-hour chart, BTC has broken above the 50 EMA (exponential moving average) slope with huge volumes. However, it needs to break above the $20K level in today’s session to sustain the gains, or the market may witness selling pressure ahead of the weekend.

source: tradingview

ETH bounced higher from its key support level at $1,243 with strong volumes and is witnessing quite a bit of strength in the rally. In the last 24 hours, ETH has gained close to 3.21% and is currently trading above one of the resistive $1,325 levels. RSI (relative strength index) is also moving closer to the over-bought territory in the 4-hour chart. Therefore, one needs to check whether ETH sustains positive momentum or not.

Other top gainers include XRP (5.92%), ADA (3.43%), and DOGE (3.82%).

Top gainers in the last 24 hours

  • Shushi (SUSHI): 23.36%
  • Ethereum Name (ENS): 18.75%
  • Synthetix Network (SNX): 11.76%
  • Uniswap (UNI): 10.69%
  • Basic Attention (BAT): 10.37%

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