Market Restores Amid Prevalent Fear

The second week of September has also been a rollercoaster for the crypto market. The industry has rebounded strongly in the mid-week following a slow weekend.

Most of the top cryptos surged in value on Wednesday, with BNB, Cardano, and Bitcoin Cash outshining the competition. Despite the uplifting performance, the Fear and Greed Index shows a score of 31, marking fear among crypto traders. (Source: Cointree)

It is anticipated that the metric will improve only after the market shows a significant development or consistency. On that note, let’s take a quick overview of the daily crypto update and the latest market developments.

Bitcoin

On September 11, BTC managed to achieve 3.07% growth, crossing the 58k-dollar mark once again. The crypto has gained 1.52% value in the past week and is trading at 58,081 dollars.

In the meantime, the Bitcoin mining and hashrate difficulty have hit an all-time high. With investors pulling out millions from the Bitcoin Spot ETF, the outlook looks shaky for BTC. To instill confidence among traders, the market leader must break the resistance point at 58,540 dollars.

Ethereum

Ethereum could not keep up with BTC but managed to accrue a surge of 1.37% in 24 hours. The coin is struggling at 2,361 dollars after testing the 3,500-dollar mark only a month ago.

It has lost 1.75% value in the past week, as well as losing millions in the US Spot ETF. ETH is also eyeing its resistance point this week, placed at 2,404 dollars. With its support point at 2,295 dollars, there is minimal margin for error. 

BNB

In the past 24 hours, BNB was the clear standout among top cryptos with a 6.49% growth. The coin has comfortably crossed the 500-dollar mark and is eyeing the 550-dollar mark.

It is currently trading at 543 dollars, with a weekly surge of 7.62%. The network recently backed five startups with BNB Chain to expand its reach. Similarly, BNB is set to release its staking feature soon, which is expected to catapult its value in the coming month.

Sui

The Sui coin accumulated a 15.57% surge on Wednesday to finally cross the 1-dollar mark. The altcoin is currently trading at 1.02 dollars, with a weekly growth of 25.17%.

Grayscale recently opened its SUI Trust for accredited investors. The launch was the primary factor that caused SUI’s sudden boost. However, analysts are expecting the coin to undergo a bullish phase in the coming weeks. 

Artificial Superintelligence Alliance

FET followed SUI in terms of daily performance, registering a 10%+ growth on Wednesday. The coin is set to test the 1.5-dollar mark in September, currently trading at 1.42 dollars.

Its 7-day performance beats Sui, as the coin registered a growth of 28.28%. Experts believe FET is among the coins that will skyrocket once the correction ends. ASI, with its recent integration with the CUDOS Project, is poised for another market boost in the coming week.