According to data from Coingecko, an independent crypto data aggregator, the total market cap of crypto assets was $1.04 trillion, rising about half a per cent in the last 24 hours.
Total cryptocurrency trading volume on the last day is at $93.4 billion. Popular trends of the industry right now are finance, banking and decentralised exchange (DEX), Coingecko suggested.
Among the top crypto tokens, Bitcoin was holding around $20,600 rising about 8 per cent in the last one week, whereas Ethereum was comfortable close to $1,550 level, after gaining about 20 per cent in the last 7 days.
Klaytn, Tokenize Xchange, Evmos, Dogecoin, Aptos, Huobi Token, Ehtereum, ceth, Lido Dao and Chiliz have surged 20-90 per cent in the last one week, marking a strong buoyancy in the altcoin space.
Despite disappointing earnings by the tech giants the crypto market is on a northward trajectory. However, all eyes are set on the US Federal Reserve’s FOMC meet scheduled for the first week of November.
Sathvik Vishwanath, CEO and co-founder, Unocoin said that the Federal Reserve will soon wind down its aggressive rate hike plan, which is supporting the rally.
“The economy is showing further signs of weakening, helping investors gain confidence that the Fed will be in a better position to reduce the pace of tightening after next week’s FOMC meeting,” he added.
On the contrary to his opinion, Vikram Subburaj, CEO of Giottus Crypto Platform said that the crypto market is showing early signs of a reversal in trend.
“Action by various governments has given confidence to investors that the bear market, running for more than six month now, will end soon,” he added.
However, experts suggest that the mood and sentiments among the traders have not changed much. Crypto traders signal fear and lack of leveraged buying. The total market cap is still two-third below its record highs.
As investors’ attention shifts to global macroeconomic data and the Fed’s response to weakening conditions, the window of opportunity for cryptocurrencies to emerge as a solid alternative is shrinking, said Vishwanath.
Investors are closely watching bitcoin, ethereum and the crypto market as a whole to see a possible retest of the June lows, caution the expert. Most crypto watchers are still waiting for further weakness they fear.
It is difficult to know whether the market has already factored in another potential rate hike so it depends on individual traders to either short or long based on their own analysi keeping the above mentioned scenarios in mind, said Vishwanath from Unocoin.
Wider crypto/Web 3.0 adoption continues to increase with Reddit, Starbucks and even Google adopting various elements of the ecosystem lately, said Giottus’ Subburaj.
“Bitcoin continues to benefit from such adoption. Investors will benefit from cost averaging into Bitcoin and other top crypto projects they believe in and take positions for long-term gains,” he added.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)