Daily Crypto Update: Market Drops Despite Fear & Greed Index Hitting Greed

The crypto market wrapped up the weekend grimly, with most of the top currencies losing value. The dip was surprising since the Fear and Greed Index indicates Greed among investors.

According to Cointree, the metric has moved up to 61. Despite that, Bitcoin has lost 1.94% value, Ethereum has lost 1.51% value, and BNB has lost 3.49% value in 24 hours. Besides XRP, every other crypto in the top 10 ranks has lost value.

However, names like FTT gained enormous value during the slump. Here is a quick overview of the crypto market to help traders gauge an understanding.

Bitcoin

The market leader lost 1.94% value in 24 hours, falling from the 65k-dollar mark. It is currently losing value and is trading at 64,452 dollars.

With 0.77% growth, Bitcoin is still showing green on the 7-day performance chart. Analysts believe that a BTC bull run is tough because social sentiment is too hot. The crypto has its first major support at 65,002 dollars. Its first major resistance level is placed at 66,645 dollars.

Given the current conditions, Bitcoin is likely to test the support level rather than the resistance.

Ethereum

The second-largest crypto in the market lost 1.51% value in 24 hours. ETH fell below the 2,700-dollar mark and is now trading at 2,628 dollars.

Unlike Bitcoin, Ethereum is showing red on the 7-day performance chart with a 1.22% dip. The drop proved to be profitable for whales, as they gained 1.56 million dollars from it. Its first major support is at 2,633 dollars, while the resistance is at 2,738 dollars.

Ethereum is on the brink of testing the support level, which is troubling news for ETH holders.

XRP

XRP stood out among the top 10 cryptos with its growth of 4.50% in 24 hours. At Sunday’s closing market, the coin was the sole asset showing green.

It is currently trading at 0.6435 dollars, with a weekly growth rate of 8.95%. The surge came while the market had entered a correction phase. XRP’s trading volume has crossed 2.2 billion dollars, indicating a 133% hike.

Its market cap is now the 7th largest in the world at 35.4 billion dollars. Experts believe that XRP will experience another boost in the coming weeks.

FTX Token

FTT, or FTX Token, surprised the market on Sunday with an unexpected surge. The coin entered the 2-dollar territory after jumping 62.45% in 24 hours.

FTT is currently trading at 2.31 dollars and is constantly surging in value. The reason behind the hike is the growing speculation over creditor repayments. The SEC’s settlement with Prger Metris over FTX audit failures also provided a boost.

Dogecoin

After an amazing week, DOGE suffered greatly during the weekend. The OG meme coin lost 3.57% value and dropped to be the 8th-ranked crypto.

Its 7-day performance still shows a surge of 13.78%. However, the coin is struggling to maintain value ahead of rate cuts. Dogecoin is expected to follow the market pattern, relying mostly on major cryptos like BTC and ETH.