Crypto market update: 23 September 2022

market update

Despite its roller coaster-like experience this week, the broader crypto market has started the day on a positive note. The total market cap is up by 4.39%, at the time of writing, at $941.03 billion.

Leading the market’s positive march is Ripple (XRP), which has gained almost 21.50%, day on day. One of the primary reasons for this upmove is Poly Network choosing the XRP ledger to facilitate cross-chain payments.

Bitcoin (BTC) hasn’t been able to push through the highly resistive level of $20,000. The dollar index, which might be inversely correlated to BTC, stands at 111.08, close to its 52-week high.

If we look at the macroeconomic scenario influencing the crypto space, Fed hike jitters continue to prevail.

Significant developments

Here are some key broader market developments that you should be aware of as you move into the day:

  • Cardano’s much-awaited Vasil Upgrade went live on the mainnet on 22 September, at 9.44 pm UTC (that is, 23 September, 3.14 am IST).
  • Bitcoin’s market dominance has dropped by 0.10%. It is now holding steady at 39.27%.
  • BTC inflow to exchanges is at the lowest it has been (at 64,927 BTC) over the past seven days. That might have a positive impact on the prices.
  • Crypto rupee index, CRE8 is on its way to erasing most of its weekly loses and is down by only 0.98%, week on week.

Key coins

The 24-hour data reveals that most popular cryptos have been moving up, signaling some late-week robustness. BTC is up 2.73%, whereas Ether (ETH) is showing a 5.30% uptick, at the time of writing. Cardano (ADA) is in the green, up by 4.13%, on the back of a successful upgrade.

Other double-digit gainers include Chilliz (CHZ), which seems to be having a field day, registering unrealized 24-hour gains of 13.85%. Following CHZ is Compound (COMP), with a 13.08% upmove to its name. And as mentioned earlier, Ripple (XRP) continues to be the top gainer for the day.

The biggest laggard this morning is AirSwap, down by 10.65% at the time of writing.

Crypto Fear and Greed Index (CFGI)

The market continues to be fearful despite the many greens this Friday. Given that the Feds are aiming for a few more hikes by the end of this financial year, this isn’t surprising.

Yesterday, we saw the index touch the 22 mark, but it dropped two points today, indicating fear among buyers. The drop to 20 brings it back to last week’s level. The index needs to hold steady somewhere above 35 for a recovery rally to kick in.

For now, the overall market, led by weak macroeconomic sentiments across the globe, continues to look bearish. And the crypto market is likely to be volatile while this phase lasts. A solid DYOR strategy should help you survive the turbulence.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user’s own risk.

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