Crypto Sentiment at Extreme Fear as Bitcoin Flat Around $19K (Market Watch)

By akohad Oct25,2022


Bitcoin’s inability to break past $20,000 has pushed it back down to a familiar ground of around $19,000.

Most altcoins are also quite stable on a daily scale, with little-to-no movements. Klaytn is among the few exceptions, with a notable price increase following the latest developments around the protocol.

Bitcoin Flat at $19K

Last week was quite uneventful for the primary cryptocurrency as the most significant volatile trading day came on Friday night when the asset plummeted toward $18,600. After charting that multi-day low, though, the bulls stepped up and pushed it north.

As such, the weekend resembled the previous one – meaning, the trading volumes were quite low, and bitcoin stood mostly around $19,000.

Monday seemed to be different as BTC surged to $19,700 for the first time in days. While the community was hoping for another leg up that will take it to $20,000, the landscape changed, and bitcoin returned back down to $19,000.

As of now, the asset still trades a few hundred dollars above that line. Its market cap is still at $370 billion, but the overall fear in the markets has taken another hit for the worse and is down to 20 – meaning, deep in the extreme fear territory.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

KLAY Jumps Higher

The most substantial gainer from the larger-cap alts yesterday was Klaytn. After a new governance proposal, the protocol’s native cryptocurrency experienced a huge spike to a multi-week high. Despite retracing almost immediately from that peak, KLAY is now up by 13% once more and trades at $0.2.

In contrast, most other alts sit quietly now. Ethereum sits close to $1,350 after a minor daily increase. Similar insignificant gains are evident from Cardano, Dogecoin, Polkadot, MATIC, and Uniswap.

Binance Coin, Ripple, Solana, Shiba Inu, Tron, and Avalanche, on the other hand, sit slightly in the red. QNT and Algorand have risen the most from the mid-cap alts with up to 3.5% gains.

Overall, the crypto market cap has stalled once more and sits at $930 billion.

Crypto Market Overview. Source: Quantify Crypto
Crypto Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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