It was a bullish session for the crypto market on Wednesday, as it managed to continue to build up from Tuesday’s gain. The total crypto market cap shot up to $1002.85 billion from yesterday’s $970 billion in the last 24 hours, breaking above the psychologically important level of the $1 trillion mark after 5 long weeks.
The gains in the market were led by top coins like BTC, ETH, and DOGE, which are up by 2.57%, 4.76%, and 13.83% respectively. Bitcoin managed to stay above its key support level of $20,200, making a high of $20,938 level. Meanwhile, ETH also managed to post decent gains during the period and continued to hover around the $1,550 level and reaching an intraday high level of $1,584 level.
With growing expectations of a Fed Pivot, moving away from its pre-determined course of a steep rate hike in December is driving the market up and strengthening investor confidence. Favorable US economic indicators in recent days supported FOMC members suggesting that FED could not go with the big rate hike in December.
However, Nasdaq, the tech-heavy index that the crypto market closely follows closed the day in the red with a 2.04% loss, otherwise would have supported the crypto market to go much higher.
Today, the focus will be back on US economic indicators with the release of Q3 GDP, inflation, and jobless claims data, which can chart the future course of action for the market, therefore it may be a volatile session for the market.
Crypto Fear & Greed Index
The Crypto Fear & Greed Index measures the investor’s sentiment based on social media trends, volatility, and market momentum is steady at 33/100 level, indicating a “Fear” position. This is a significant improvement from the previous week’s extreme fear sentiment.
Top gainers and losers
The top five gainers in the last 24 hrs include:
- QuarkChain(QKC): 37.89%
- Dogecoin (DOGE): 14.01%
- Augur (REP): 7.27%
- Sushi (SUSHI): 6.02%
- AirSwap (AST): 6.01%
The top five losers in the last 24 hrs include:
- District0x (DNT): 3.38%
- JasmyCoin (JASMY): 2.43%
- Maker (MKR): 2.24%
- Ethereum Name (ENS): 0.75%
- Litecoin (LTC): 0.63%