According to coinmarketcap.com, the total crypto market cap is currently $801.8 billion and now numbers 22,105 coins. Bitcoin’s market dominance has remained stable at 39.2%. Bitcoin’s market cap currently stands at $321 billion which is more than 6% less than 7 days ago. The market dominance of Ethereum (ETH) has remained almost the same at 18.2%, while the market cap of the No. 2 coin now stands at $145.5 billion.
For now, the crypto market does not know how to find its way up. Indeed, sentiment can be called rather bland. Bitcoin has been consolidating around the $17,000 mark for quite some time now, and Ethereum has also been unable to distance itself from the $1,100 mark.
In short, we are still waiting for positive signs after the cryptocurrency market has been hit hard this year following the Luna Terra and FTX debacles.
Alternative.me’s Fear & Greed Index also does not yet give cause for great opportunism. If we do want to find a bright spot, it would be the fact that the Extreme Fear value was 22 last month and the value is currently 28. So this is 6 points better than last month, or in other words crypto investors have become slightly more positive.
So it remains to wait for positive impulses that can pull the crypto market out of the deep valley. For now, it looks like the crypto market is struggling to drag itself towards the year end and then we may be able to expect some fireworks in the new year.
What is important here is that the crypto market remains above the lows of recent months. Specifically, the BTC price should then stay above $15,500 and Ethereum above the January low of $1,075.