On October 20, 2024, the cryptocurrency market displayed a mix of movements among different coins. Bitcoin (BTC) continued to dominate, while certain altcoins experienced notable volatility. Here is a detailed breakdown of key statistics and events from the day, along with insights into market sentiment and liquidations.
Daily Summary – October 20, 2024
$APE
$JUP
$IMX
$BEAM
$GALA
$APE
$BTC
$DOGE
$SOL
$DIA
#dailysummary
#DeFi
#Crypto
PHOENIX – Crypto News & Analytics (@pnxgrp)
October 20, 2024
The total cryptocurrency market cap stands at $2.35 trillion, with more than 30,646 actively traded currencies. Over the past 24 hours, the market witnessed a trading volume of $42.15 billion, indicating sustained interest in crypto assets despite fluctuations in individual coin prices.
According to PHOENIX, Bitcoin remains the frontrunner, with a price of $68,391 and a dominance of 57.6%. Ethereum (ETH), on the other hand, is priced at $2,649 and holds a dominance of 13.6%. The ETH gas fees are relatively low, at 10 GWEI, which continues to support decentralized finance (DeFi) activity. The total value locked (TVL) in DeFi protocols is currently $142.91 billion.
Market Sentiment in the “Greed” Territory
The Fear and Greed Index indicates that investor sentiment is at a score of 73, suggesting that the market is currently in the “Greed” phase. This marks a significant shift from the score of 49% thirty days ago, indicating growing bullish confidence among traders. This sentiment is also reflected in the balance between BTC longs (49.27%) and shorts (50.73%).
Several cryptocurrencies experienced notable fluctuations in the past 24 hours. ApeCoin (APE) saw a dip of 6.09% but made an impressive bounce back of 70.12%. Jupiter (JUP) experienced a slight dip of 1.28% but rebounded by 9.54%. Other altcoins like Immutable X (IMX) and Beam (BEAM) showed minimal movement, with dips of 0.36% and 1.22% respectively, followed by small recoveries.
In terms of liquidations, APE led the list with a total of $5.53 million, closely followed by BTC with $5.52 million. Other notable liquidations included DOGE at $4.80 million, SOL at $3.89 million, and DIA at $2.22 million. These figures highlight the ongoing volatility in the market as traders face margin calls on highly leveraged positions.
The crypto market remains dynamic and volatile, with major assets like Bitcoin and Ethereum maintaining their positions, while altcoins like APE and JUP experience significant price swings. With the current market sentiment leaning towards “Greed,” investors should exercise caution, especially considering the high liquidation figures, which suggest potential over-leverage in the market.
