The Federal Open Market Committee (FOMC) once again caused a lot of volatility in the crypto market yesterday. Despite this, many races are returning to where they were approximately 24 hours ago, with a few exceptions. We find these on both the red and green side today. Still, the total market cap of all cryptocurrencies drops a little deeper at 0.5% to reach $955, its lowest in more than two months. Discuss this in our Discord surroundings!
📈Market Overview#BTC price trades below $19K
Market cap: $960B (-1.15%) $BTC dominance: 37.48% (+0.57%)
Fear & Greed Index: 22 (Extreme Fear)
— CryptoRank Platform (@CryptoRank_io) September 22, 2022
Bitcoin swings back to the same price
Bitcoin (BTC) rose yesterday in the run-up to FOMC and made a sharp swing shortly after the rate hike announcement. Bitcoin then plummeted to $18,250, its lowest price since June. Since then, bitcoin has been recovering towards $19,000. At the time of writing, the BTC price stands at $18,960 on Coinbase and $19,220 on Bitvavo. This means that the BTC price is only 0.2% in the minus today.
#Bitcoin‘s price has hit a 3-month low. According to our sentiment data, negative comments surged to month highs. #Shorting on exchanges has at least stopped the bleeding. $BTC social dominance has also spiked, which is historically a good bottom signal. https://t.co/JhvxEQoSy9 pic.twitter.com/GRiRhukXxN
— Santiment (@santimentfeed) September 22, 2022
Ethereum is the reddest in the top 10
Ethereum (ETH) is currently struggling the most among the largest crypto. The ether price dropped all the way to $1,230 last night, its lowest price since mid-July. ETH is also currently recovering slightly, standing at $1,275 at the time of writing. Nevertheless, ETH is currently 4.1% in the minus.
Remember when we told you that ETH would have a triple halving on the merge?
Well, turns out it’s only a triple halving when compared to BTC.
It’s *more than a quadruple* halving when compared to ETH before the merge.
And that’s with the lowest fee burn in years even. pic.twitter.com/HxlEbM8mDI
— antiprosynthesis.eth ⟠ (@antiprosynth) September 21, 2022
XRP again fastest riser in top 10
Ripple (XRP), on the other hand, continues to rise for the time being. XRP also fluctuated wildly after FOMC, then briefly touched $0.43 and then fell back to $0.39. However, XRP was able to rise sharply again last night and the price is currently pushing against resistance around USD 0.425. This puts XRP up 6% today, but how long can this rally continue in this market?
Crypto top 100 hardest risers
However, XRP is not the only strong riser today. Helium (HNT) and uniswap (UNI) are also up 6%. Chiliz (CHZ) was also able to recover strongly and is even 8.5% in the plus today, which means that the price may resume its rally. Celsius (CEL) continues to fluctuate violently and is no less than 11% in the plus. Algorand (ALGO) is the big winner today, rising nearly 12% to $0.3555.
State Proofs are now live! This technology enables the construction of decentralized bridges, allows nodes to join our consensus process without having to trust any “initializing” information, and makes @Algorand quantum safe, all while prioritizing decentralization. GO ALGORAND!
— Silvio Micali (@silviomicali) September 21, 2022
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