The volatility in the crypto market decreased significantly last week and the start of this week is also off to a quiet start. Nevertheless, things could still become very volatile this week with the release of US inflation data. However, we now see some prices falling and in the meantime a notorious collapsed crypto currency is gaining momentum. The total market cap of all cryptocurrencies drops 1% to $972 billion.
📈Market Overview#BTC price trades below $20K
The Top 10 are traded in the green zone: $XRP +3.11%, $SOL +0.74%, $DOGE +0.7%.
Market cap: $993B (+0.11%) $BTC dominance: 37.50% (-0.06%)
Fear & Greed Index: 22 (Extreme Fear)Full Report👉https://t.co/2FpAdP2AB5 pic.twitter.com/l4PzoLt6Bq
— CryptoRank Platform (@CryptoRank_io) October 10, 2022
Bitcoin begins to fall
Bitcoin (BTC) hovered at $19,400-$19,500 over the weekend, but is beginning to lose traction at the time of writing. The bitcoin price is currently plummeting to $19,230 on Coinbase and $19,850 on Bitvavo. The share price is down 1.1% today.
Bollinger bands getting tight. I wonder if CPI this week can be the catalyst for some volatility. pic.twitter.com/9ZlHCfuKWd
— Will Clemente (@WClementeIII) Oct 9, 2022
Ethereum goes down
Ethereum (ETH) also lingered last weekend and is now also starting to fall. The ether price briefly peaked at $1,335 last night, but is falling to $1,301.5 at the time of writing. The ETH price is therefore 1% lower today.
Nevertheless, analysis company Santiment reports that the network is suddenly growing rapidly. As many as 135,780 new ETH addresses were created yesterday, the fastest growth of all of 2022. It is a possible precursor to a price breakout, Santiment says.
#Ethereum saw a surge of new addresses created Saturday, with 135,780 new $ETH addresses popping up on the network. This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts. https://t.co/tIRv6sJxJc pic.twitter.com/boA6v5jk8W
— Santiment (@santimentfeed) Oct 9, 2022
Tron only climber among largest crypto
Among the largest crypto, tron (TRX) is the only price that has actually picked up in the past 24 hours. TRX made a big jump early this morning, then peaked around $0.645. At the time of writing, TRX dips below $0.64 but is still up 3%
JUST IN: #TRX network surpasses 4 billion transactions.
— Watcher.Guru (@WatcherGuru) Oct 9, 2022
Terra Luna Classic USD Stablecoin Rises 49%
In the top 10, terra luna classic (LUNC) is rising again and is up 4.4% today. Huobi (HT) is also picking up and even rising by 5.5%.
But it is terraclassicusd (USTC) that steals the show. The algorithmic, but not very stable stablecoin that completely collapsed in May is up a whopping 49% today and currently stands at $0.428. There seems to be hope among investors that the stablecoin will restore its 1:1 peg to USD.
However, that requires a confidence that is unlikely to recover. These types of extremely volatile prices can often fall just as hard as they have risen.
24hr volume 🤯
Almost 1/5th of entire supply.#USTC #LUNC pic.twitter.com/4uasRCJrmv
— Troy (@Troy16295547) October 10, 2022
Quant drops more than 8%
In contrast, quant (QNT) is the biggest loser of the day. The QNT price drops more than 8% towards $148. Incidentally, the team is present at the Sibos conference in Amsterdam this week.
#Sibos 2022 is here! Explore our rich #conference program as we kick off a fantastic week in Amsterdam featuring more than 250 speakers, over 150 sessions with 8 stages! https://t.co/C9T6MEH60T pic.twitter.com/d93tYD32cV
— Sibos (@Sibos) October 10, 2022
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