On August 20, the cryptocurrency market faced a sharp decline, causing concern among investors. Let's look at the current state of the market and its sentiment.
Overall State of the Cryptocurrency Market
As of August 20, the cryptocurrency market cap dropped by 1.66%, reaching $3.82 trillion. Bitcoin (BTC) lost 1.75%, falling to $113,413. However, trading activity remained high, with a volume increase of 17.27%, reaching $190.4 billion.
Top Gainers and Losers
Among the top gainers was MemeCore (M), which saw a dramatic 21.84% increase to $0.4594. OKB also showed positive momentum, rising by 7.74% to $132.54. Meanwhile, Pudgy Penguins (PENGU) suffered a loss of 7.20%, dropping to $0.02942, and Cardano (ADA) fell by 7.14% to $0.8532.
Market Sentiment and Institutional Flows
The Fear and Greed Index stands at 45, indicating a neutral market mood. Historically, levels of extreme fear can often signal a recovery. However, institutional flows remain negative: on August 19, crypto ETFs experienced a withdrawal of $945.5 million. Social sentiment has also worsened, aligning with trends towards panic selling.
Despite the current downturn, signs of interest from investors remain, suggesting a potential for recovery in the future.
