Market Shows Fear as Cryptos Lose Value

The crypto industry started on a bearish note in October and continues the pattern. The Fear and Greed Index has shifted from Neutral to Fear in the past few days.

According to Cointree, the metric is at 41 and is expected to fluctuate over the weekend. Bitcoin has lost its grip on the 64k-dollar mark and is now trading at 61,157 dollars. Similarly, most top cryptos lost value in the past 24 hours.

TON and TRX defied market expectations and secured minor growth. DOGE and SHIBA also followed their pattern. Here is a quick overview of the crypto market and its latest developments to help traders understand the industry.

Bitcoin

In the past 24 hours, the world’s top crypto only lost 0.05% of its value. Even so, the crypto is now at 61,157 dollars.

In the past week alone, BTC has lost 6.28% of its value. Its spot ETF outflow recently hit 54.1 million dollars, indicating another upcoming dip. The crypto has established its first major support at 60,002 dollars. On the other hand, Bitcoin is likely to face resistance at 61,511 dollars.

Ethereum

Unlike BTC, ETH could not maintain its stance and lost 0.51% in the past 24 hours. The crypto has dropped from the 2,400-dollar mark and is now trading at 2,378 dollars.

The coin has lost 10.05% value in the past 7 days and is continuing the pattern. Based on historical data, analysts are expecting a 50% price correction for ETH. Its first support level is placed at 2,303 dollars.

On the other hand, ETH is expected to face its first major resistance at 2,393 dollars.

Dogecoin

The OG meme coin has maintained a firm stance over 0.10 dollars. In the past 24 hours, Dogecoin has gained 2.03% value and is trading at 0.1077 dollars.

On the 7-day performance chart, DOGE has lost 11.08% value. Without any developments, the meme token primarily relies on market forces. Hence, its price surge is only expected to last temporarily.

TRON

TRX, or TRON, was among the few coins in the top 10 ranks that showed green on the 24-hour trading chart.

The coin gained 1.27% value on Thursday and is currently trading at 0.1567 dollars. Its 7-day performance shows a surge of 1.44%. The coin is currently outperforming BTC and ETH in terms of daily transactions, showing traders’ faith in TRON.

FTX Token

FTT, or FTX Token, is breathing new life after the drastic controversy a couple of years ago. Since the project announced its repayment plan, FTT has gained market value.

In the past 24 hours alone, the coin has surged 11.75% in value. It has reached 2.29 dollars in market value, with a 58.84% weekly hike. Analysts believe that the token is targeting a 111% uptick amid bullish momentum.