Crypto prices continue to remain sluggish due to aggressive monetary policies by global economies. The Bitcoin “Fear and Greed Index” still shows extreme fear as the sentiment around the largest cryptocurrency. Bitcoin went down by 1% in the last 24 hours and is currently trading at $19.1K.
Ethereum continues to display bearish tendencies after the merge. ETH price fell close to 9% in the last 7 days and close to 1% in the last 24 hours. It is currently trading at $1.31K.
The global crypto market cap decreased marginally in the last 24 hours and currently stands at $940.18 billion.
The Biggest Winners
Outside of Ethereum, the altcoin market has shown some strength. XRP continues its strong showing by increasing close to 6% in the last 24 hours. It has surged by more than 45% in the last 7 days. It is currently trading at $0.511.
Cardano (ADA) broke its downward movement and increased by 2% in the last 24 hours. It is currently trading at $0.462. On the other hand, Solana displayed strong sentiments and surged by 5% to trade at $33.69.
Dogecoin (DOGE) was one of the biggest winners of the market in the last 24 hours. DOGE surged by 8% in the last 24 hours and close to 2% in the last hour. DOGE is currently trading at $0.064.
Cronos(CRO), the token of Crypto.com, was another big winner. CRO increased by 13.72% in the last 24 hours to trade at $0.1242.
Chainlink (LINK) continues to receive support from crypto traders and influencers. It surged by 5% to trade at $7.44. Major crypto trader Kevin Svenson believes that Chainlink at this price is a massive opportunity. Michael van de Poppe, the CEO of Eight Global, had similar sentiments about LINK.
What Is Driving Crypto Prices
The crypto market is not able to break through due to the hawkishness of the Federal Reserve. Meanwhile, the dollar continues to show incredible strength. The broader market, S&P 500 and NASDAQ-100, fell by 1.6%.
The crypto market is strongly related to the broader market.