By Franklin Smith
The total cryptocurrency market cap declined by over 2% today, hovering at $2.82 trillion. Meanwhile, the global crypto volume surged more than 31% to stand at $176.91 billion.
Top crypto assets faced drops on Thursday as inflation concerns rose, making gold and other currencies attractive. Excluding Solana, nine of the top ten digital coins traded lower during today’s early sessions. Polkadot, Cardano, and Dogecoin lost about 5% each.
The total cryptocurrency market value dropped by over 3% to hover at the $2.82 trillion level. On the other side, the global cryptocurrency market volume increased by more than 31% to $176.9 billion. The crypto market appeared to change the narrative today morning as retracements surfaced. Bitcoin and Ethereum have seen slight dips. Meanwhile, alternative coins followed suit.
After new milestones and another all-time high supported by the United States CPI Inflation stats for October, the asset saw profit-booking by traders. However, the retracements did not appear to bother market participants.
The US leading cryptocurrency exchange, Coinbase, reported around a 30% drop in Q3 trading volume on Tuesday. That was due to declining prices by BTC and other coins and lower volatility across the market.
Tech View
A layer1 ‘smart’ contract network, Fantom, tries to compete in the space dominated by other projects like Solana and Ethereum. Meanwhile, its ERC20 compatibility makes sure clients can buy an ETH-compatible FTM coin. Users can then convert it to a native Fantom compatible asset after initiating transfers to their digital wallet.
FTM has outperformed most tokens in price movements since Fantom Foundation declared a 370 million incentive for developers. That was in August. FTM trades near $2.6, 17X high from August’s lows of $0.15.
Early November sessions had FTM forming an inverse head-shoulder shape before breaching the neckline amid a steep surge towards $3.2. For now, the alt recovers from the overnight retracement, endured as the overall market suffered plummets. Meanwhile, FTM broke multiple local supports on its downward movements.
As FTM invalidated the bullish structure, market players interested in long positions should consider support zones at $2.44, then $2.2. The crypto will likely explore these levels with a looming bearishness. Meanwhile, the RSI bottoming near 30 depicts optimism.