The Crypto Market Has Passed A Milestone But Hasn’t Flyen Yet


Market picture

Bitcoin rose 2.6% to $22,300 in the past 24 hours amid rising stock indices and a weaker US dollar. Ethereum lagged the market, losing 0.7% to $1,715. Best altcoin performers ranged from -1.5% (Cardano) to +10% (Solana).

The total crypto market cap, according to CoinMarketCap, rose 1% overnight to $1.06 trillion. The cryptocurrency Fear & Greed Index added 9 points to 34 on Tuesday, the highest since mid-August.

BTC is just a hair above its 50-day average, which should hardly be seen as an encouraging bullish sign. The next intermediate stage of recovery that could revive the market is the 200-week average at $23.2K.

This latest dynamic suggests cautious market participants, likely to turn their attention to global macro issues. The most critical of these today is the US Inflation Report, which could restore optimism to markets if price growth slows and sales growth slows otherwise. TradingView shows that a correlation between bitcoin and the S&P 500 index started to strengthen again last week.

Solana posted the highest daily gain among the top coins. Despite the overall market decline, the number of NFTs issued on the Solana blockchain increased sharply, reaching 312K. Trading volumes of collectible assets on the network also surged.

News Background

According to CoinShares, crypto funds saw an outflow of $63 million last week, the highest in 12 weeks. Ethereum funds lost $62 million, bitcoin funds – $13 million, and short BTC funds received an influx of $11 million. This dynamic stands in stark contrast to price behavior and overall market capitalization, showing that institutions are not setting prices here at all.

The bitcoin network hash rate renewed its all-time high of 281.79 million TerraHash, moving the expected date of the next halving from May 2024 to Q4 2023.

According to a Harris Poll survey, 70% of cryptocurrency investors hope to become billionaires, which is significantly higher than the number of traditional investors.

On September 19, due to increased regulatory pressure, Huobi will remove seven anonymous cryptocurrencies, including Dash (DSH), Monero (XMR), and Zcash (ZEC).

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.


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