- Despite Federal Reserve Chair Jerome Powell’s hawkish remarks on interest rates, major cryptocurrencies like Bitcoin and Ethereum saw significant gains.
- Meme coins like Dogecoin and Shiba Inu, however, experienced a downturn, indicating a shift in investor focus away from this segment.
Resilient Crypto Market Amid Economic Concerns
On Friday, November 10, 2023, the cryptocurrency market exhibited resilience in the face of hawkish comments from Federal Reserve Chair Jerome Powell. Despite Powell’s warnings of further interest rate hikes to combat inflation, major cryptocurrencies experienced notable gains.
Major Cryptos Surging
During the day, Bitcoin’s price increased by 0.49% to $36,752.55, while its trading volume saw a significant rise of 62.49%, reaching $35.02 billion. Ethereum also showed impressive performance with a 10.53% gain, trading at $2,123.86, and its trading volume skyrocketed by 204.62% to $25.42 billion.
Other major cryptocurrencies like BNB, Solana, and Cardano also followed this positive trend. BNB’s price rose by 2.12% to $256.30, Solana increased by 6.88% to $47.23, and Cardano advanced by 2.13% to $0.3741.
Meme Coins Struggle to Keep Up
Contrasting with the broader market’s upward trajectory, the meme coin segment did not maintain the same momentum. Dogecoin’s price fell by 3.49% to $0.07402, and Shiba Inu also declined by 2.32% to $0.000008424. This suggests a shift in investor interest away from meme coins.
Overall Market Growth
The surge in major cryptocurrencies led to a significant increase in the global crypto market cap, which grew by 2.35% to $1.4 trillion. The market’s fear and greed index reached 77, indicating a sentiment of ‘greed.’
Specific Tokens on the Rise
- Rocket Pool (RPL): Rocket Pool saw a remarkable 20.26% increase in price, trading at $32.70, with its trading volume jumping 623.69% to $31.40 million.
- Lido DAO (LDO): Lido DAO’s price rose by 17.84% to $2.38, with its trading volume and market cap also seeing significant gains.
- Huobi Token (HT): Huobi Token increased by 12.39% to $2.80, and its market cap rose by 12.05% to $454.96 million.
Stagnation in Meme Coin Market
In contrast to the major cryptocurrencies, Pepe Coin remained relatively flat, showing a minor decline of 0.15% and trading at $0.000001333. Its trading volume, however, increased by 163.39% to $396.37 million.
As the cryptocurrency market continues to navigate through economic uncertainties and regulatory concerns, the resilience and diversity of its segments reflect a complex and evolving landscape. The surge in major tokens, amidst fluctuating investor sentiments and economic indicators, underscores the dynamic nature of the crypto market.
