The altcoins & Bitcoin market is still relatively active, and Phoenix Group is among the best sources of detailed information. On September 22nd, 2024, different movements were observed in the coins and indexes of the cryptosystem, meaning that this financial world is constantly evolving.Â
As measured by the Fear and Greed Index, market sentiment is currently at 49, meaning investor’s sentiment is neutral. This neutrality changes from the slightly more cautious sentiment noted in the previous days.
Bitcoin and Ethereum: Stability and Growth
The pioneer crypto, Bitcoin, floated around $62,974, whereas the total market cap stood at 56.5%. This stability is the result of investor’s confidence in Bitcoin regardless of its ups and downs in the market. The DeFi TVL also stands tall at $138.23 Billion, showing significantly high activity on platforms related to Decentralized Finance.
Ethereum is second on the list, with a price of $2,590 and a crypto market share of 14.1%. The ETH gas fees are at a reasonable 13 Gwei, which indicates a slight relaxation of the transaction fees, which should help more activities on the blockchain.
Market Dips And Bounces in Price
We can observe an interesting trend in the liquidity of the DeFi sector. Other altcoins also display considerable market action, although $BTC and $ETH remain the most dominant.
Small cryptos such as $PENDLE and $TAO have also experienced a -3.81% and -1.22% drawdown, respectively, but have since recovered with a 23.29% and 14.83% gain to show that high risk equals high reward. Likewise, $AKT and $RENDER dipped by -3.81% and -2.61% while bouncing back by gaining 8.70% and 7.50% respectively, even during market challenges. @SHIB maintains its position with a stable price change and a 7.14% bounce back, underscoring its popularity and speculative appeal
Liquidity Insights
Some traders have experienced a dramatic turn within the last 24 hours, as the Ethereum liquidation stands at $11.33 million while the Bitcoin is only slightly lower at $10.17 million. $SOL and $SUI also received their fair share of liquidations of about $1.94 million and $1.81 million, respectively, which may have been caused by sudden market movements. $DOGE stands lowest, with a liquidation rate of $1.71 million.
The cryptocurrency market analysis as of today shows the dynamic state and highly volatile nature of the market. While Bitcoin stands firm and Ethereum takes advantage of low transaction costs, the rest of the market observes altcoins and their volatility with fairly impressive bounces. Such an environment requires constant focus and activity from all the market members and promotes strategies involving gains and risk minimization.
