Crypto Market Shows Signs of Recovery as Major Coins Gain
The cryptocurrency market has maintained its upward momentum over the weekend, signaling a potential path to recovery for most major cryptocurrencies. Recent weeks have seen significant volatility in the crypto market, with concerns surrounding inflation, rising interest rates, the Israel conflict, and various regulatory challenges.
However, Federal Reserve Chair Jerome Powell's suggestion of a potential dovish turn in the Fed's policy rate hike plans has generated optimism among investors. Additionally, speculation regarding the approval of a Bitcoin Spot ETF has restored confidence in digital assets for market participants.
Bitcoin (BTC) has attracted considerable attention due to its recent gains, crossing the $30,000 mark on October 20. As of October 21, Bitcoin's price was up by 0.97% at $29,604.62, with a 17.96% increase in trading volume to $19.19 billion.
Ethereum, the second-largest cryptocurrency by market capitalization, saw its price rise by 0.91% to $1,599.55, accompanied by an 18.13% surge in trading volume to $6.15 billion. This increase brought Ethereum's price up nearly 3% over the past week.
Solana exhibited a 3.5% advance in price to reach $26.85, with a 10.10% increase in trading volume to $830.56 million. Conversely, XRP's price decreased by 0.88% to $0.5139, with a 32.90% decrease in trading volume to $1.08 billion.
In the meme coin sector, sentiment on October 21 was somewhat mixed. Dogecoin recorded gains of 0.67%, trading at $0.05986, with a 20.43% increase in trading volume to $143.36 million. On the other hand, Shiba Inu's price declined by 0.15% to $0.000006927, accompanied by a 10.08% decrease in trading volume to $81.58 million.
Regarding the overall crypto market, the global crypto market capitalization increased by 1.08% over the last 24 hours, reaching $1.12 trillion, with trading volume surging by 12.54% to $46.97 billion. The fear and greed index for digital currencies stood at 53, indicating a neutral sentiment in the market.
Pepe Coin Surges by 2%
Pepe Coin emerged as one of the top performers in the meme coin category, reflecting growing interest from investors. Pepe Coin's price increased by 2.29% on Saturday, trading at $0.0000006592 at the time of writing, with a 23.67% increase in trading volume to $47.9 million.
Mantle (MNT) Soars by 12%
Mantle (MNT) experienced significant gains on October 21, with its price rising by 11.75% and reaching $0.3732 at the time of writing. Its trading volume over the past 24 hours increased by 36% to $40.02 million, contributing to a more than 12% increase in price over the past seven days.
THORChain (RUNE) Records 8% Gain
THORChain demonstrated a gain of 7.82%, with its price at $1.64 during writing on Saturday, placing it among the top gainers for the day. However, its trading volume from the previous day declined by 7.59% to $79.42 million, while its market capitalization increased by 8.01% to $557.61 million.
Stacks (STX) Adds Nearly 3%
Stacks (STX) continued its positive momentum from the previous day, indicating investor confidence in the cryptocurrency. Stacks' price surged by 3.58% to $0.63 during reporting, accompanied by a significant 199.34% increase in trading volume to $196.84 million. Over the past seven days, its price has increased by more than 22%.
