As we all know what struck the cryptocurrency market today is already discussed in my previous post so if you are interested in getting to know more about Tesla's sell-off of Bitcoin then you should check my article

But in the scope of this article, we will have a look into the market conditions compared to the previous day and an overview of the coin that is on the trending list of CoinMarketCap. Before going further in the article I want to clarify that anything discussed in this article is for education and entertainment purpose and should not be taken as any type of investment advice.

Overview Of Crypto Market

As you might have heard that Bloomberg reported that Elon Musk's company Tesla has sold around 75% of their Bitcoin holdings and that news got traded the whole day in the market which brought Bitcoin down to almost $22,700 in just a couple of hours and almost every other altcoin suffered the tremendous losses. But the worst thing is the market has not recovered yet and it is not looking good. At the time of writing this article, Bitcoin is trading at $22,648.

But apart from Tesla's news, you can see the stats below regarding the crypto market. The dominance of Bitcoin is still standing at 41.01 which is down from 41.15% in the last twenty-four hours, which indicates that Bitcoin is losing its strength against altcoins where other altcoins are getting stronger. And looking at the Fear and Greed Index of Bitcoin, it is standing at 34 which is good because yesterday it was standing at 31, from this we can interpret that the people are getting back their trust in the market, this is good news because despite Tesla news the Fear and greed Index is rising. But yes, do make sure to understand that it doesn't take much time for the market to upside down emotions.

One another thing you can see in the rightmost part of the picture is the comparison of the Long and Short positions on Bitcoin, particularly on Binance the world's top cryptocurrency exchange, and the overall comparison. as you can notice that currently, Longs are beating the shorts but that doesn't mean that bulls are getting stronger. So if you are planning to pen any leveraged position on wither of the side make sure you avoid high leverages and recheck your risk management system.

Trending Coin Of The Day

In this section, we go through the coin that is at the top of the trending coins list on CoinMrketCap. We look into their basics and dig enough into them to get an overall understanding of the project.

Fantom

If you have spent enough time in the crypto space then you might have heard about the project Fantom. It is a layer 1 blockchain project that was supposed to provide an alternative to the Ethereum chain by providing cheap and fast transactions. It was launched in late 2018 with huge enthusiasm around it and got a nice response from the community around it. FTM is a ticker of the native token of the Fantom ecosystem and it is a coin ranked at #57 on CoinMarketCap.

But as of now, Fantom seems to be a little faded project as there are multiple options for the Ethereum chain which are more adopted than Fantom. It sure got a hit from the market situation, that's why it is done by ~10% today. At the time of writing this article Fantom (FTM) is trading at the price of $0.32

Analysis

As I have mentioned earlier that Fantom is one of the top 100 coins, and the userbase of Fantom is huge. According to the data from the CoinMarketCap currently, there are 93,002 unique addresses holding FTM tokens. The bad thing is the number of unique addresses holding FTM is dropped from 93,700 to almost 93k, which shoes almost 700 addresses have preferred not to have custody of Fantom token and all this loss in just a matter of twenty-four hours. You can see the sudden drop in the picture above.

And now let's have a look into the distribution of the FTM coin among the holders. According to the data from CoinMarketCap that you can see below the top-10 holders hold 52.275 of FTM tokens whereas the top 100 holders hold 75.29% of FTM tokens. This shows that the token is not very well distributed but it is also not very bad. Even though there is a lot more room for decentralization in the token holdings it is not entirely centralized.

Conclusion

From the overall overview of the current crypto market scenario, we can see that the condition is delicate and things can get either way depending on what ignites first, whether it is good news or bad news. In such times it is important to stay cautious while trading especially from high leverage trades cause the market can drive them and get them liquidated in no time.

And talking about today's trending coin of the day, Fantom (FTM) it is one of the top projects in the crypto space but since there are multiple rivals to it and Ethereum itself has come up with the solutions and they can go from PoW to PoS in near future which makes the market opportunity for Fantom and other projects like it narrower. So Fantom can only survive and thrive if it manages to put a strong community around by continuously building better dApps, and coming up with innovative approaches to provide 'more' than its competitors.

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Thanks for Your Time!