Cryptocurrencies continued their rise on the first day of November, displaying a positive market structure. The recent upward movement in the crypto market seems to be supported by the “Uptober” sentiment observed in cryptocurrencies. In particular, the fear and greed index in the crypto market showed a strong reading of 72, highlighting the presence of a greed environment in the market.
Today, investors are awaiting the Federal Reserve announcements. The announcement to be made can be a crucial factor for the future performance of the market. Federal Reserve Chairman Jerome Powell is expected to make a statement later today.
As of November 1st, in terms of the price situation in the cryptocurrency market, Bitcoin traded at $34,472.99 with a 0.56% increase, while its volume decreased by 8.02% to $15.66 billion. In addition, the market cap increased by 0.54% in the last 24 hours, reaching $673.31 billion.
Furthermore, the price of another prominent cryptocurrency, XRP, increased by 2.81% on Wednesday to $0.592, and its volume increased by 39% to $2.17 billion. In addition, Solana’s price rose by 5.73% to $38.14 at the time of writing. Memecoins also received their fair share of the market movement. Dogecoin experienced a 2.49% decrease from its previous price and traded at $0.06752.
Despite being one of the popular meme coins that attracted investors’ attention after the ETF news, Pepe coin experienced a 1.98% decrease and traded at $0.000001153 at the time of writing.
Theta Network’s price saw a 9.96% increase as of November 1st and was trading at $0.7592 at the time of writing. It was one of the top-gaining altcoins of the trading day. There was a massive growth in its volume in the last 24 hours, increasing by 503.98% to $92.32 million.
Arweave, which made headlines in the past, continued its upward trend and became one of the top-performing cryptocurrencies of the day. At the time of writing, Arweave had experienced a 6.73% increase and was trading at $6.12.
XDC Network was the third altcoin of the day. After a 4.54% increase, it was trading at $0.0516. Despite the price increase, its volume in the last 24 hours decreased by 19.99% to $7.24 billion.