Crypto prices on Monday showed positive movements, indicating an optimistic sentiment in the broader market as values trended higher.
Crypto Market Shows Green Signals as Investors Eye Fed Meeting
Crypto prices were on the rise on Monday, October 30, reflecting a preference for riskier assets among investors. Simultaneously, market participants are keenly anticipating the Federal Reserve’s stance at their upcoming meeting later this week, which could have a significant impact on the ongoing market rally and overall sentiment.
Investors will closely monitor how the Fed responds to persistent high inflation and its strategies for addressing it. While the market expects another interest rate hike by year-end, any hints of a more aggressive or accommodative stance can have widespread implications across the financial markets, including the crypto sector.
Crypto Market Update: Positive Movements Across Major Cryptos
In the crypto market, several major cryptocurrencies experienced positive gains. Bitcoin saw a 0.89% increase, reaching $34,318.95, with a 22.85% rise in its 24-hour trading volume to $12.20 billion. Its market cap also rose by 0.88% to $670.15 billion, and the past seven days brought a price increase of over 12%.
Ethereum’s price inched up by 0.46% to trade at $1,785.46, accompanied by a 15.84% increase in its one-day trading volume to $4.71 billion. XRP gained 1.91% to reach $0.5542, and its 24-hour trading volume surged by 38.14% to $708.52 million.
Other prominent cryptocurrencies also demonstrated positive movements. Solana’s price rose by 3.81% to $32.95, while Cardano saw a 1.24% jump to $0.2944. Both of these cryptocurrencies experienced notable increases in trading volume, with Solana up by 48.32% to $545.37 million and Cardano increasing by 12.58% to $152.21 million.
Even meme coins exhibited a positive sentiment, with Dogecoin’s price increasing by 0.61% to $0.06885, despite a 14.72% decline in its trading volume to $197.01 million. Meanwhile, Shiba Inu saw a 1.03% rise to $0.000007937, with its volume up by 10.17% to $135.06 million.
These gains contributed to an overall uptrend in the crypto market. The global crypto market cap increased by 0.93% to $1.27 trillion, and the market’s fear and greed index suggested a “greed” sentiment with a reading of 72. Additionally, the market cap of the entire crypto market surged by 14.63% in the past 24 hours, reaching $27.53 billion.
Top Gainers in Today’s Crypto Market
Today, several cryptocurrencies have shown impressive gains, demonstrating the positive sentiment in the crypto market.
1. Pepe Coin (PEPE) Surges 3.39%: Pepe Coin, a popular meme cryptocurrency, stayed in the green on Monday, reflecting investors’ preference for riskier segments of the market. Its price recorded a 3.39% increase, reaching $0.000001176, while its trading volume saw a slight decrease of 8.41% to $106.84 million. Notably, Pepe Coin has garnered increased attention lately, with its price surging by 56% in the last seven days.
Pepe Coin Chart
2. Axie Infinity (AXS) Skyrockets by 15.69%: Axie Infinity, a prominent web3 gaming cryptocurrency, experienced a remarkable surge with its price jumping by 15.69% to reach $5.79. Its trading volume skyrocketed by 386.02% to $239.83 million. While there’s no specific news driving this price increase, it appears that the bullish momentum in the play-to-earn (P2E) and web3 gaming segment has contributed to the rally.
Axie Infinity (AXS) Chart
3. Gala (GALA) Sees a 14.23% Rise: Another web3 gaming cryptocurrency, Gala, recorded substantial gains of 14.23%, trading at $0.02055 at the time of writing. Its trading volume surged by 234.37% to $248.92 million, and its market cap also rose by 13.96% to $519.31 million.
Gala Chart
4. Decentraland (MANA) Gains 9%: Decentraland, a crypto in the blockchain gaming sector, also secured a spot among the top gainers on Monday. It showed a 9% increase in its price, reaching $0.3788, while its trading volume over the last 24 hours surged by 255.35% to $121.35 million. These gains reflect growing investor confidence in the blockchain gaming segment.
Decentraland (MANA) Chart
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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