Crypto Market Starts Month with Positive Momentum, Fed Decision Awaited
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Introduction
The crypto prices today have started the month on a positive note, continuing the rally from October. This upward momentum is in line with the "Uptober" sentiment that is typically observed in the digital asset space. The crypto market fear and greed index currently stands at 72, indicating a "greed" scenario in the market.
Federal Reserve's Decision
Investors are eagerly awaiting the Federal Reserve's decision on interest rates, as it could have a significant impact on the future performance of the market. Fed Chair Jerome Powell is scheduled to attend a press conference later today.
Bitcoin Price
The price of Bitcoin has increased by 0.56% from yesterday, reaching $34,472.99. However, its one-day volume has declined by 8.02% to $15.66 billion. The market cap of Bitcoin over the last 24 hours has risen by 0.54% to $673.31 billion.
XRP Price
The price of XRP has seen gains of 2.81% on Wednesday, trading at $0.592. Its volume has surged by 39% to $2.17 billion. XRP has been gaining traction recently, with a positive momentum in its price change. It has added nearly 7% over the last seven days, and its market cap from yesterday rose by 2.84% to $31.71 billion.
Solana Price
The price of Solana has increased by 5.73% to $38.14. Its volume has soared to $1.49 billion.
Cardano Price
On the other hand, the price of Cardano has experienced a slump of 4.15% from yesterday, trading at $0.2885. However, its one-day volume has surged by 35.20% to $311.15 million.
Meme Coin Segment
The meme coin segment has seen some gloominess today, as indicated by the price fluctuations in major meme coins. The price of Dogecoin has slipped by 2.49% from yesterday, trading at $0.06752. Its volume has risen by 57.10% to $481.50 million. Additionally, the price of Shiba Inu has witnessed a decline of 2.76% to $0.000007729.
Overall Crypto Market
Despite the gloominess in the meme coin segment, the overall crypto market has remained in positive territory, supported by the gains of major cryptocurrencies. The global crypto market cap has increased by 0.39% to $1.28 trillion, and its volume from yesterday has risen by 0.93% to $39.98 billion.
Top 4 Cryptos for Today
- Pepe Coin: The price of Pepe Coin, one of the popular meme coins, has slipped by 1.98% to $0.000001153. Its volume from yesterday has fallen by 19.53% to $117.10 million.
- Theta Network (THETA): The price of Theta Network has gained 9.96% on November 1, trading at $0.7592. Its volume over the last 24 hours has skyrocketed by 503.98% to $92.32 million, and its market cap has risen by 9.77% to $758.70 million.
- Arweave (AR): The price of Arweave has continued its rally from yesterday, rising by 6.73% to $6.12. Its market cap has jumped by 7.42% to $403.28 million, and its volume over the last 24 hours has increased by 18.91% to $23.26 million.
- XDC Network (XDC): The price of XDC Network has soared by 4.54% to $0.0516. Its volume over the last 24 hours has plummeted by 19.99% to $7.24 billion, and its market cap has also seen the same percentage gain as its price, reaching $718.71 million.
Conclusion
The crypto market has started the month with a positive momentum, following the "Uptober" sentiment. While the meme coin segment experienced some gloominess, the overall market remained in positive territory. Investors are eagerly awaiting the Federal Reserve's decision on interest rates, which could have a significant impact on the future performance of the market. It will be interesting to see how the market evolves in the coming days.
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