Dear Readers,
Amidst the SEC move against Binance and the forthcoming FED meeting, let's look into the crypto market watch for today.
According to the coinmarketcap website, the global crypto market cap stood at USD1.1 Trillion, which is a 0.78% decrease by yesterday.
By today, the cryptocurrency markets displayed a mix of trading patterns. The Crypto market leader Bitcoin- BTC, XRP, and Polygon experienced gains, while Ethereum, BNB, and Cardano encountered losses.
At the time of writing this article BTC trades at USD 26,502, while Ethereum (ETH) remained well below the $1,850 threshold and trades at 1842 USD.
Over the last 24 hours, the crypto markets have been relatively stable. The crypto fear and greed index remains unchanged and firmly is at 50, indicating a neutral sentiment. Despite ongoing events surrounding SEC lawsuits against the largest Crypto Exchange Binance and an upcoming monetary policy decision by the Federal Reserve (FED) by next week, BTC continues to hold steady around $26.5k.
The trending coins were include the meme coin- PEPE which was up by 3.76% and BNB was down by 1.66%.
The decentralized finance (DeFi) sector accounted for $1.91 billion in total volume, representing 7.38% of the overall crypto market's 24-hour volume. Stablecoins recorded a volume of $24.7 billion, comprising 95.36% of the total crypto market's 24-hour volume.
Bitcoin, the largest cryptocurrency globally, boasts a market cap of around $515 billion. BTC's trading volume stood at approximately $11.85 billion, experiencing a 31.34% decrease in the past 24 hours. As of now, Bitcoin's dominance stands at 46.69%, indicating a 0.10% increase over the day, according to the CoinMarketCap website.
Despite the SEC's actions against crypto firms, the cryptoleader- BTC prices have remained largely unaffected, with the leading cryptocurrency holding strong above the $26,000 mark. Similarly, the primary alternative coin, ETH, has shown resilience, avoiding further declines in the past 24 hours. This can be attributed to optimism surrounding the Federal Reserve's upcoming monetary policy decision, which is anticipated to provide market liquidity.
It's worth noting that major market indicators suggest a neutral sentiment. The Relative Strength Index (14) sits at 45, indicating a neutral outlook. The Stochastic %K (14, 3, 3) at 35 and the Average Directional Index (14) at 22 also indicate a neutral outlook.
The MACD Level (12, 26), at −261, suggests a sell signal. The Stochastic RSI Fast (3, 3, 14, 14) is neutral at 41, and William's Percentage indicates neutrality at -64 as well.
