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Following the announcement of the Ethereum futures ETF last week, the crypto market experienced a sharp increase on Monday. In the following days, there were fluctuations in prices, with a subsequent rise. The upward trend that began on Wednesday evening, October 4th, continued on Thursday, October 5th, satisfying investors as prices remained stable. However, the fear and greed index, an important metric, was at 45, indicating uncertainty in the market despite price movements and overall satisfaction.
Current State of Cryptocurrencies
Bitcoin, the leader of the market, was trading at $27,582 as of Thursday, with a decrease of 0.91% in the 24-hour chart. The trading volume in the last 24 hours decreased by 10.36% to $10.38 billion. Despite the decline, the market cap increased by 0.94% to $539.67 billion.
On the other hand, Ethereum, the largest altcoin, was trading at $1,634.13 on October 5th, with a price decrease of 0.75%. The trading volume for Ethereum decreased by 13.82% to $4.55 billion. Looking at other major cryptocurrencies, BNB experienced a 0.56% price decrease and was trading at $212.1 at the time of writing.
When we examine other notable altcoins, XRP saw a significant decrease of 2%, trading at $0.5293. Lastly, Dogecoin, the leading meme coin in terms of volume, experienced a 0.94% price decrease and was trading at $0.06089.
Notable Developments in Altcoins
Leading the list is Pepe Coin, a potential rival to Dogecoin and Shiba. As of Thursday, Pepe Coin was trading at $0.0000007121, experiencing an 0.80% decrease. According to the analysis, there is an ongoing downward trend in PEPE price, which may lead investors to be more cautious.
The second altcoin we will examine is Trust Wallet Token. It experienced a 13.16% increase during the week and was trading at $0.8836 at the time of writing. Another altcoin with high gains compared to the market is AVAX. Avalanche‘s price reached $10.00 with an 8% increase.
Lastly, we will examine Mina Coin. Mina’s price continued to rise by 6.42% on Thursday, trading at $0.3879. The trading volume for Mina increased by 329.28% to $29.79 million. This increase, combined with positive market sentiment, may have a favorable impact on the price of MINA.
