Crypto Market Recovers: Global Capitalization Reaches IDR 37.8 Quadrillion

The crypto market is starting to expand ahead of the Fed's interest rate decision in early November. (Photo; Doc. Wealth Ideas)

JAKARTA - The crypto market has recovered with global market capitalization increasing by 1.44% in the last day, to 2.43 trillion US dollars (around IDR 37,800 trillion). The increase in the market for theglobat stamp was accompanied by an increase in 24-hour trading volume which reached 4.34%.

This condition shows the stronger interest of investors ahead of the interest rate decision to be announced by the Federal Reserve on November 7. The Fear & Greed index is now in the Greed category at 67, reflecting optimistic expectations among market participants.

Bitcoin leads market movement with a price spike of 2.18% to 72,417 US dollars (approximately Rp1.1 billion). Traders are optimistic that Bitcoin will be able to reach a new record high (ATH). In the last 24 hours, Bitcoin's trading volume has increased 14.86% due to the massive investment into Bitcoin's ETF, which recorded a flow of funds of 870.02 million US dollars (approximately Rp13.5 trillion) on October 29.

According to a Coin Pedia report, BTC dominance now reaches 58.7%, the market looks very focused on Bitcoin, and all eyes are set at a 24-hour high of 73,577 US dollars (approximately Rp1.1 billion), which is not far from the previous ATH, which was in the vel of 73,750 US dollars (approximately Rp1.14 billion).

Then crypto asset number two, Ethereum, also experienced an increase of 0.98% to $2,642 (approximately IDR 40.9 million), supported by an ETF fund flow of 7.65 million US dollars (approximately IDR 118.5 billion). On the other hand, several altcoins attracted attention; Solana experienced a slight decline of 0.32% to a price of 179 US dollars (approximately IDR 2,788,000), while XRP rose 0.26% to 0.52 US dollars (approximately IDR 8,150) per coin.

In the list of assets with the best performance version of CoinMarketCap, Sui recorded the largest spike of 11.85% to 2.06 US dollars (around Rp31,950), followed by Dogecoin which rose 7.54% to 0.1767 US dollars (around Rp2,750). Then Sei increased 7.51%, the SEI token is now at the level of 0.4118 US dollars (around Rp6,365). In contrast, Kaspa actually decreased drastically, fell 6.01% to 0.112 US dollars (around Rp1,740), while BRETT and NEIRO followed with a decrease of 4.11% and 3.55%, respectively.

Enlivening the crypto market and the various driving factors, many crypto observers predict that this positive momentum can continue. This positive trend has the potential to provide opportunities for investors who want to take advantage of price movements in the future.