From the crypto market coming out of fear to the total crypto market recovering, the whole crypto landscape is changing. Here’s what happened today.
Altcoin Season Index recovers after crash
After crashing below the altcoin season threshold of 75, the Altcoin Season Index (ASI) is back on its track to cross above the 75 level. When the ASI, which is currently at 73, reaches above 75, it means that more than 75% of the top 50 altcoins are performing better than Bitcoin.
Total crypto market cap breaks major obstacle
The total crypto market cap has broken above the $3.8 trillion level after more than four days of the total market cap being under the above-mentioned level. The total crypto market cap is the aggregate value of the price of a token multiplied by the circulating supply of that token. Rising market cap suggests that new capital is flowing into the market.
XRP ETF approval will boost the rally
XRP is consolidating close to $2.85 after crashing for more than a month. The pattern of forming lower highs will continue, but XRP’s downtrend will change in October. With many XRP ETFs supposed to be approved in mid-October, XRP’s fate will change. Grayscale XRP ETF and 21Shares Core XRP Trust are two of the companies that applied for an ETF. These are scheduled to be approved on 18 and 19 October.
Short position liquidation increases by three times
As of September 28, more than $188.7 million in short positions were liquidated, while more than $73 million in long positions were liquidated. Compared to yesterday $61 million short position liquidation, today’s liquidation was three times larger.
Fear and Greed Index approaches neutral zone
CoinMarketCap’s Fear and Greed Index is on the verge of coming back into the neutral above 40 after recently crashing into the Fear zone. When this value moves above 40, it means that traders are more open to entering the market.
21Shares submits amended Solana ETF application
Asset manager ETF issuer 21Shares submitted an updated S-1 application for its proposed Solana ETF. In the latest document, 21Shares amended details about the structure and operations of the proposed fund. The document delves into areas around provision for staking and clarifies how in-kind redemptions would be handled.
MicroStrategy buys more Bitcoin
Michael Saylor’s MicroStrategy, the largest public holder of Bitcoin, acquired yet another stack of Bitcoin. Last week, the company bought 196 Bitcoin worth about $22 million. After this acquisition, Strategy now holds a total of 640,031 BTC, which was acquired for approximately $47.35 billion, which averages to a price of $73,983 per coin.
Qatar National Bank to use JPMorgan’s blockchain
In a rare collaboration where traditional banking meets blockchain, Qatar National Bank Group (QNB) has adopted JPMorgan’s blockchain platform, Kinexys, to process transactions. This transition breaks the traditional banking system from constraints like latency in cross-border transactions and being available only during weekdays. By adopting Kinexys, transactions could be as fast as two seconds and available 24/7.
Stablecoin net inflows surged by 300%+
Stablecoins’ net inflows surged from $10.8 billion in Q2 to $45.6 billion in Q3, recording a 324% surge. Tether’s USDt spearheaded the quarter with $19.6 billion in netflows, with Circle’s USDC following USDT with a net inflow of $12.3 billion
With the market starting to heal, investor confidence is back. The bulls will slowly but surely take over the market in the coming days.
