The overall market was mostly sideways during the weekend. The total crypto market cap hovered around the $1 trillion mark. It was a mixed weekend for the crypto top 10, but many of them registered steady gains for a significant part of it. Riding on their successes, the market is expected to head upward this week.
The leader of the top 10 crypto coins by market cap, Bitcoin (BTC), avoided the sub-$20,000 level—a development that provided much confidence to the market and reversed some negative sentiments. Ether (ETH) posted gains of close to 15.88% in the last seven days, staying above the key support level of $1,567.
Meanwhile, Dogecoin (DOGE) too registered gains of close to 100%, climbing the list of top 10 cryptos. It is now the 8th largest crypto, displacing Cardano (ADA).
Better US Q3 GDP data than estimated and a rise in US consumer spending were the main highlights of last week. The positive GDP data is propelling hopes of a Fed pivot.
However, the upcoming FOMC’s meeting on interest rate hike decision could result in some anxiety among investors and may keep the market volatile.
On Friday, 28 October 2022, Nasdaq, the tech-heavy index that the crypto market follows closely, ended the day with 2.87% gains, providing much support to the crypto market.
Crypto Fear and Greed Index
Thanks to slow trading activity and lack of any crypto-related developments over the weekend, the Crypto Fear and Greed Index slipped by over 3 points. It is currently at 31/100, indicating fear in the market. Compared to last week, the index suggests, investor sentiments seem to be much better.
Top gainers and losers:
Some of the top gainers as of 31 October 2022 are:
- Chiliz (CHZ): 16.12%
- Gala (GALA): 11.55%
- Algorand (ALGO): 7.84%
- The Sandbox (SAND): 7.13%
- Fantom (FTM): 4.87%
The coins with the highest losses at publishing time are:
- Theta Fuel (TFUEL): 13.77%
- Sushi (SUSHI): 11.71%
- Shiba Inu (SHIB): 9.23%
- JasmyCoin (JASMY): 8.54%
- Uniswap (UNI): 7.33%