The crypto market is looking flat right now. Dominant cryptos like Bitcoin (BTC) and Ethereum (ETH) witnessed only slight increases over the past week. Recent on-chain data too has indicated that the number of active Bitcoin addresses are staying low, indicating a lack of demand.
The market stagnancy is not new now and was in fact one of the causes for last week’s US Fed announcement, implementing aggressive interest rate hikes.
Stats for thought
These stats from today may make or break a trade in the flattish market scenario:
- The global crypto market cap stands at $958.24 billion at press time. It is experiencing a hike of over 3% in a 24-hour window. The total crypto market volume is $80.41 billion, marking a 48.44% increase since yesterday.
- Bitcoin’s market dominance is maintaining its superior status at 39.53%, indicating an increase of 0.51% over the day.
While BTC is trading at $19,745, at the time of reporting, the second largest crypto by market cap, ETH, stands at $1,364 with a 4.61% rise in day-on-day price metrics.
- According to TradingView, the ETH/BTC ratio is down by over 18% since September 7, which means the crypto market continues to be bearish.
- Despite the broader bearish market sentiment, India’s first onshore crypto index, CRE8, is up by more than 1% at the time of writing.
The trading volumes of the two top cryptos, BTC and ETH, stand above $46 billion and $16 billion, respectively, as of 27 September. Leading stablecoin USDT outshone both of them with a trading volume of more than $60 billion. The high trading volume of the stablecoin suggests that the majority of the crypto community is still trading amid the ongoing crypto market crash.
Other tokens that were also able to capture the crypto community’s attention on social media platforms were Solana and Terra Classic. Both of these cryptos, according to LunarCrush, along with Bitcoin and Ethereum, experienced the highest social mentions. Social dominance drives social sentiment and impacts the prices, so traders are likely to watch this trend closely.
Crypto Fear and Greed Index (CFGI): What’s happening?
The larger crypto market sentiment has remained bearish, according to the Crypto Fear and Greed Index (CFGI). The index, which records market volatility, social media sentiment, dominance, and market momentum, stands at 20 at writing, denoting extreme fear. The market has been in the extreme fear zone since last week. In order to get it to drop its bearish stance, the trader community is awaiting both strong buying pressure and a relief rally.
The CFGI saw its highest reading this month at 34/100 on 13 September.