The crypto market rebounded on September 8, showing rising activity despite cautious investor sentiment. The global crypto market cap rose 1.33% to $3.88 trillion, according to CoinMarketCap data. Besides, daily trading volume surged 44.19% to $119.89 billion.
As of writing, Bitcoin traded at $112,226, with a 24-hour trading volume of $33.73 billion. It saw a slight uptick of 0.92% over the last day. In the meantime, Ethereum had a modest 0.74% increase, bringing its price to $4,334.15, having $26.30 billion in trading volume.
Moreover, Bitcoin is still dominating with a market dominance of 57.6%, while Ethereum makes up 13.5% of the market.
Top Gainers and Decliners
Several altcoins have seen gains lately. MYX Finance (MYX) skyrocketed by 216.79%, hitting $7.41 with a trading volume of $449.03 million. Worldcoin (WLD) also had a great day, climbing 22.78% to reach $1.30, backed by $1.41 billion in daily trading activity.
Pudgy Penguins (PENGU) jumped 13.69% to $0.0328, while SPX6900 (SPX) added 11.88%, bringing it to $1.32. Fartcoin (FARTCOIN) rounded out the top performers with a 9.46% increase, now priced at $0.8096.
On the losers’ side, MemeCore (M) fell by 7.97%, landing at $1.76, and World Liberty Financial (WLFI) dropped 7.44% to $0.2107, despite a trading volume of $1.45 billion.
OKB slipped 4.41% to $189.58, while Cronos (CRO) decreased by 3.71%, now at $0.2516. Bitcoin Cash (BCH) experienced a smaller decline of 2.26%, settling at $592.40.
ETFs and Market Sentiment
The Fear and Greed Index was at 42, showing Market sentiment is neutral. Bitcoin dominated altcoins, as evidenced by the Altcoin Season Index, which was at 51.
However, there were signs of caution when it came to ETF flows. On September 2, Bitcoin ETFs experienced inflows of $332.8 million, while Ethereum ETFs faced outflows of $128.7 million. This resulted in a net positive flow of $204.1 million.
As per the data, on September 5, the outflows surged to $592.2 million. Bitcoin’s implied volatility stood at 38.70, suggesting moderate price fluctuations. Ethereum on the other hand, had a higher figure of 68.55, indicating a bit more uncertainty. Open interest stood at $881.13 billion for perpetual contracts and $3.87 billion for futures.
The rising trading volume and ETF outflows show a volatile phase where optimism clashes with cautious selling.
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