On September 8, the crypto market demonstrated increased activity despite cautious investor sentiment. The market strengthened with significant trading volumes.
Overall Market Overview
According to CoinMarketCap data, the global crypto market cap rose by 1.33% to $3.88 trillion. Daily trading volume surged by 44.19% to reach $119.89 billion. As of writing, Bitcoin traded at $112,226, with a 24-hour trading volume of $33.73 billion, reflecting a 0.92% increase. Ethereum also recorded a modest uptick of 0.74%, bringing its price to $4,334.15 with a trading volume of $26.30 billion. Bitcoin remains dominant in the market with a 57.6% market share, while Ethereum constitutes 13.5%.
Top Gainers and Losers
Several altcoins have shown significant gains recently. MYX Finance (MYX) skyrocketed by 216.79%, hitting $7.41 with a trading volume of $449.03 million. Worldcoin (WLD) also had a strong day, climbing 22.78% to reach $1.30, supported by $1.41 billion in trading activity.
Pudgy Penguins (PENGU) jumped 13.69% to $0.0328, while SPX6900 (SPX) added 11.88%, bringing it to $1.32. Fartcoin (FARTCOIN) rounded out the top performers with a 9.46% increase, now priced at $0.8096.
On the losing side, MemeCore (M) fell by 7.97%, landing at $1.76, and World Liberty Financial (WLFI) dropped 7.44% to $0.2107, despite a trading volume of $1.45 billion. OKB slipped 4.41% to $189.58, while Cronos (CRO) decreased by 3.71%, now at $0.2516. Bitcoin Cash (BCH) experienced a smaller decline of 2.26%, settling at $592.40.
ETFs and Market Sentiment
The Fear and Greed Index was at 42, indicating a neutral market sentiment. Bitcoin continues to dominate altcoins, reflected in the Altcoin Season Index showing 51. However, there are signs of caution regarding ETF flows. On September 2, Bitcoin ETFs saw inflows of $332.8 million, while Ethereum ETFs faced outflows of $128.7 million, resulting in a net positive flow of $204.1 million. On September 5, the outflows surged to $592.2 million. Bitcoin's implied volatility stood at 38.70, suggesting moderate price fluctuations, while Ethereum had a higher figure of 68.55, indicating a bit more uncertainty. Open interest stood at $881.13 billion for perpetual contracts and $3.87 billion for futures.
The rise in market capitalization and trading volumes in recent days indicates increased activity in the crypto market, despite cautious investor sentiment. This situation may signify a volatile yet developing market where optimism clashes with cautious selling.
