The crypto market took another big plunge yesterday morning, but was able to recover slightly after that. However, there is a fear that this rebound may be short-lived. The total market cap of all cryptocurrencies hovers below $1 trillion, but has risen by 3.6% in the past 24 hours to $975 billion.
Tensions in the financial markets are slowly starting to mount in the run-up to tomorrow’s Federal Open Market Committee (FOMC). Discuss this in our Discord surroundings!
📈Market Overview#BTC price trades above $19K
The Top 10 are traded in the green zone: $XRP +9.07%, $ETH +5.33%, $BNB +4.31%.
Market cap: $987B (+3.55%) $BTC dominance: 37.62% (+1.36%)
Fear & Greed Index: 23 (Extreme Fear)Full Report👉https://t.co/MW5M1T7Fu0 pic.twitter.com/KhWKC2FLIc
— CryptoRank Platform (@CryptoRank_io) September 20, 2022
Bitcoin makes small rebound
Bitcoin (BTC) Resurrected Yesterday low of $18,500, but the rebound brings the price back to $19,350 on Coinbase and $19,340 on Bitvavo at the time of writing. This means that BTC is up 4.8% today. Analysts dispute whether the decline was a fake out went or that we soon new lows shall see.
However, cryptoquant analyst Greatest Trader warns that long-term holders are still sending BTC to exchanges. That could provide enough selling pressure to push the BTC price towards $16,000, according to the analyst.
Possible selling pressure from long term holders
“The Exchange Inflow CDD is a valuable metric to track their behavior.”
by @greatest_traderRead More👇https://t.co/mHD8cTiYEB
— CryptoQuant.com (@cryptoquant_com) September 19, 2022
Ethereum is also recovering something
Ethereum (ETH) also rebounded slightly after falling sharply. Ether briefly touched $1,390 last night, fell back to $1,355 this morning, but is still 3.9% up today.
Analyst company Messari reports that a large group of ether miners have switched to ethereum classic (ETC) and ethereum pow (ETHW) after the ‘merge’. Although ETC’s hash rate is up 3x, Messari says it probably won’t be profitable for miners to sustain this, given the much lower market cap. The number of miners on ETHW is already falling sharply, and Messari does not expect it to recover.
$ETHW Proof-of-Work fork hasn’t been able to sustain high levels of hashrate post-Merge. It isn’t likely to recover.
Without any catalysts for economic migration to $ETHWthe chain won’t be able to support a valuation that would make mining ETHW worthwhile. pic.twitter.com/89RAGUgmd1
— Messari (@MessariCrypto) September 19, 2022
XRP fastest riser crypto top 10
Ripple (XRP) is again the fastest climber among the largest crypto. That trend started a few days ago after potentially positive news about the lawsuit with the US Securities and Exchange Commission (SEC). Yesterday, CFTC Commissioner Caroline Pham visited Ripple. XRP failed to capture $0.39 last night, but is still up 8.4% today with a price of $0.38.
The next stop on my learning tour was visiting @Ripple labs. thanks @bgarlinghouse! #XRP #crypto #blockchain pic.twitter.com/ICr8H2ZE3q
— Caroline D. Pham (@CarolineDPham) September 19, 2022
Chiliz and Luna classic fastest climbers top 100
In the top 100 we have some big climbers today. Terra (LUNA) is 7% in the plus and kava (KAVA) and algorand (ALGO) are already 8% in the plus. Apecoin (APE), stellar (XLM), lido (LIDO) and terra luna classic (LUNC) are even up about 9% today.
Yet it is chiliz (CHZ) who once again steals the show. The CHZ price is no less than 9.3% in the plus today and comes in at $ 0.25. CHZ is even up 25% from a week ago while the rest of the top 100 is in red.
$CHZ is up 7% today, even approached $0.25 resistance.
Level will be tough to hold, as…
… 15k addresses w/ 1.3B CHZ (20% of CS) break even at $0.26
… #FOMC fear tomorrow might destroy market again
Nevertheless, the 🌶️ keeps pushing 👀#crypto #chiliz #chz pic.twitter.com/TDl6Ucunb4
— Playmaker (@PlaymakerChiliz) September 19, 2022
Trade with Crypto Insiders
Are you looking for help with trading? Do you have questions and do you want to receive technical analyzes immediately? Join and try a Premium Membership free for 30 days. Here our analysts share their market knowledge and the latest analysis 24/7. Here you can also directly connect with various market experts and crypto enthusiasts who are ready to help you!
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.