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Crypto market extends decline, total value slips to $2.83T
The article says the ratio of falling to rising coins is about 9 to 1, and the market sentiment index fell to 64.
Crypto markets fell again over the past 24 hours, with total value down just over 1% to $2.83 trillion, according to Action Forex. The move is described as a breakout from a recent range and an attempt to establish a downtrend this week.
Action Forex notes that day-to-day coin performance was mixed, with top gainers among actively traded assets including Near (+4.9%), Cosmos (+1.5%) and Tron (+0.5%). It also says the ratio of falling to rising coins is around 9 to 1.
On the downside, the outlet highlights Uniswap (−5.9%), Litecoin (−5.2%) and XRP (−5.1%). Action Forex adds that a crypto market sentiment index slipped to 64, which it characterizes as the lowest level since September 18 while still in the 'greed' zone.
The outlet also suggests that despite near-term weakness, conditions may be shifting toward bull-market territory, noting a move out of 'fear' into 'greed' in the second half of August and subsequent consolidation. It links the current outlook to a weaker backdrop in stock indices and bonds, along with continued flight to the safe-haven US dollar.
Latest closeXRP $1.392 ▼2.0%