On Wednesday, November 8, the prices of cryptocurrencies were rising. The market’s sentiment toward individual cryptocurrencies was not uniform, though. Investor caution appears to be in place ahead of the key economic data from the United States that are expected to be released next week.
The U.S. government is planning to release the core Producer Price Index (PPI) and Consumer Price Index (CPI) data next week, which could offer additional information about the current state of inflation. If inflation exceeds market expectations, the Federal Reserve may be able to proceed more aggressively with its rate-hiking plans.
In contrast, the price of Bitcoin increased by 1.32% in the previous day to trade at $35,333.13 in the cryptocurrency market. Furthermore, in the same time frame, its trading volume rose by 45.66% to $18.51 billion. From the day before, the market capitalization of cryptocurrency increased by 1.32% to $690.25 billion.
Now let’s look at the price of Ethereum, which has dropped by 0.31% to $1,882.94 and its trading volume, which has dropped by 0.28% to $8.39 billion. Concurrently, the price of BNB fell by 2.47%, closing at $245.22. Notably, BNB’s trading volume dropped to $521.20 million, a decrease of 4.91%.
However, the price of XRP experienced a minor decrease of 0.04% and was trading at $0.6838 among other cryptocurrencies. At $2.29, its trading volume fell 32.21% billion, and its market value rose to $36.66 billion, up 0.05%. But while this was being written, the Solana price increased 6.21% to trade at $43.55, and its trading volume increased 58.04% to $1.69 billion.
We saw the same mixed feelings that we saw in other areas of the digital asset space today in the meme coin segment as well. Dogecoin’s trading volume dropped by 13.88% to $668.37 million, while the coin’s price decreased by 0.42% to $0.07396. In addition, the price of Shiba Inus fell 0.41% to $0.000008217, and its trading volume, which was $176.32 million, decreased by 15.07%.
On November 8, however, there was a general upswing in the cryptocurrency market, mostly due to notable gains in the major cryptocurrencies. The value of cryptocurrencies on the global market rose by 0.74% exceeding $1.33 trillion in comparison to the day before. In addition, trading volume reached $46.98 billion in the last 24 hours, an increase of 16.33%. The crypto market fear and greed index registered a reading of 73, indicating a state of greed among investors, indicating that market sentiment was notably optimistic.
The Top 4 Cryptocurrencies Right Now Are
Pepe Coin, Up 1%
Even though the price of Dogecoin and Shiba Inu dropped, the well-known meme coin Pepe coin was still rising. On Wednesday, the price of Pepe Coin increased by 1.19% to $0.000001169, indicating that investors’ interest in the cryptocurrency is growing. Over the previous day, its trading volume decreased by 4.98% to $117.13 million.
10% Gains for Toncoin (TON)
As of this writing, the price of Toncoin had increased by 10.27% to $2.65, and its trading volume had surged by 200.92% to $76.16 million in the previous day. The cryptocurrency was able to maintain its top spot among percentage gainers on November 8 thanks to recent price gains.
10% Gain for Trust Wallet Token (TWT)
On Wednesday, the Trust Wallet Token was also among the top percentage movers, indicating that investors are placing their bets on cryptocurrencies. The Trust Wallet Token’s price was up 10.40% at the time of writing and was trading at $1.73. Its trading volume for the previous day had decreased by 52.96% to $215.72 million.
Cronos (CRO) Increases by 7%
Investors were also not paying enough attention to the Cronos price in November, as evidenced by the 7.16 percent increase in price to $0.07933 at the time of writing. Over the previous day, the cryptocurrency’s trading volume surged by 141.90% to $41.90 million. Notably, the cryptocurrency’s price has increased by almost 30% in the last seven days.