Crypto News Today (Oct 23rd, 2024): Fear & Greed Index Neutral | Bitcoin’s Dip—Correction or Pullback?

The post Crypto News Today (Oct 23rd, 2024): Fear & Greed Index Neutral | Bitcoin’s Dip—Correction or Pullback? appeared first on Coinpedia Fintech News

Cryptocurrency Market Today: The global cryptocurrency business has dipped by 0.97%, bringing the total market cap to $2.31 trillion. Despite the decline in 24-hour trading volume—down 14.81% to $71.28 billion—the Fear & Greed Index remains neutral at 56. Market participants are left wondering if the recent downward trend is a pullback or a sign of a larger correction looming. The declining numbers hint at caution among investors as geopolitical and electoral tensions mount in the U.S.

Bitcoin Today: Caution Amid ETF Outflows

Bitcoin, maintaining dominance at 57.35%, saw a minor 0.73% drop, pushing its price to $67,036.01. The ongoing uncertainty stems from U.S. spot Bitcoin ETFs, which experienced $79.12 million in net outflows on October 22. Despite this, long-term Bitcoin holders remain confident, with accumulation wallets now holding over $194 billion worth of BTC. 

Keen about BTC’s future price targets? Our Bitcoin Price Prediction answers that and much more!

Altcoins Struggle: Ethereum, Solana, and XRP Decline

Ethereum’s dominance stands at 13.6%, but it wasn’t spared from the broader market dip, dropping 1.26% in the last 24 hours. Solana and XRP followed suit, with losses of 2.09% and 2.56%, respectively. The tight race between Trump and Harris in the U.S. election has caused large investment funds to shy away from volatile assets, impacting not just Bitcoin but also top altcoins.

Curious about the long-term price targets of ETH? Read our Ethereum Price Prediction

Top Gainers: Celestia, Popcat, and Beam Rise

Not every asset is in the red today. Celestia, Popcat, and Beam saw gains of 3.44%, 3.21%, and 3.06%, respectively. These assets bucked the trend, offering a glimmer of hope amid a broader market decline.

Top Losers: Apecoin, dydx, and Mog Coin Fall Sharply

On the losing side, Apecoin took a significant hit, down 15.47%, followed by dydx, which dropped 13.30%, and Mog Coin, down 11.72%. These losses highlight the volatility present in today’s market, further raising the question of whether this is a short-term pullback or a deeper correction.