The Crypto Market: Mixed Trading and Steady Fear
The crypto tokens had a mixed trading day on Monday, with some experiencing gains and others facing cuts. Bitcoin, XRP, Cardano, and Solana saw gains, while Dogecoin, Polkadot, Litecoin, and Shiba Inu were trading with cuts. Despite this, the global cryptocurrency market cap increased by 0.18% in the last 24 hours, reaching around $1.05 trillion.
- The crypto market remained range-bound and traded sideways over the weekend.
- The crypto fear and greed index maintained a steady score of 40/100, indicating fear among investors.
- BTC and ETH continued to trade within a narrow range around $26k and $1.6k, respectively.
- Whale activity related to BTC suggests optimism among investors.
- The total volume in DeFi is currently $2.04 billion, accounting for 9.54% of the total crypto market volume.
The market cap of Bitcoin, the largest cryptocurrency, stands at approximately $505 billion, with a dominance of 48.36%. However, both Bitcoin and Ether are trading below their 50-day moving averages, indicating a bearish trend.
Tech View on the Crypto Market
According to Rajagopal Menon, Vice President at WazirX, various technical indicators suggest a bearish sentiment in the crypto market. BTC’s moving averages, both exponential and simple, indicate strong sell sentiments. The Ichimoku Base Line shows a long-standing neutral sentiment, while the Hull Moving Average suggests a buy signal. The MACD Level and Stochastic RSI Fast indicate sell and neutral signals, respectively.
Crypto Cart: Quick Glance
Here’s a quick glance at the prices and percentage changes of some major cryptocurrencies as of 12.04 hours IST on September 4, 2023:
- Bitcoin: $25,969 (0.20% gain)
- Ethereum: $1,638 (0.02% gain)
- Tether: $0.9997 (-0.02% change)
- BNB: $215 (0.16% gain)
- XRP: $0.5072 (0.64% gain)
- Cardano: $0.257 (0.30% gain)
- Dogecoin: $0.06326 (-0.65% change)
- Solana: $19.73 (0.75% gain)
- Polygon: $0.5452 (0.17% gain)
- Litecoin: $64.28 (-0.46% change)
- Polkadot: $4.27 (-0.54% change)
- Tron: $0.07706 (0.29% gain)
- Shiba Inu: $0.000007734 (-1.42% change)
It’s important to note that these price changes reflect the past 24 hours and do not constitute financial advice.
Hot Take: Mixed Performance and Bearish Trend
The crypto market showed mixed performance on Monday, with some tokens gaining while others faced cuts. Bitcoin and Ether’s trading below their 50-day moving averages suggests a bearish trend. However, investor optimism related to BTC whale activity remains. It’s crucial for crypto enthusiasts to monitor these indicators and stay updated on market trends.
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