- Top crypto tokens by market cap – Bitcoin price up 0.4% trading over $19,800, Ethereum price over $1650, up about 5.6%
- Global crypto market cap is up about 1.9% in past 24 hours, currently at about $993 billion
- Top crypto news – Cardano adds over $2 billion to its market cap post Vasil Upgrade date announcement, Bitcoin to turn net zero emissions by December 2024 and nearly 74% of Ethereum nodes are ‘Merge Ready’ ahead of the Bellatrix upgrade on 6 September.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$993 billion|
|Rise/Fall in crypto market cap||1.8%|
|Global DeFi TVL||$59.3 billion|
|Rise/Fall in DeFi TVL||0.42%|
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market cap is slowly beginning of edge upwards and the past 24 hour price action has put the price back up again above the crucial trendline support (marked in orange). Ever since the crash leading up to Jerome Powell’s speech at the Jackson Hole Symposium, the market had only managed to hold its ground but it seems like that is beginning to change. We are seeing broader market recovery on the charts and if prices are able to sustain above this trendline support, we can see some really good positive price action going forward.
However, the situation is still very dicey and susceptible to a breakdown. It is trading well below its 50 day moving average (marked in cyan) with a Relative Strength Index of 44. The RSI has been improving but its still not yet in a zone which can be considered to be in a bullish scenario. Hence the market will remain vulnerable to a breakdown until we see convincing breakouts above the 50-DMA or the psychological level of $1 trillion.
Additional Read: Bitcoin Price Prediction Weekly
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $5.93 billion, 8.89% of the total crypto market 24-hour volume. The volume of all stable coins is now $61.30 billion, which is 91.89% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.3 billion, up about 0.4% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
Bitcoin on the other hand has been somewhat of a let down in the past 24 hours. While the overall market managed to gain almost two percentage points in this timeframe, Bitcoin price managed to gain a less than half a percent. With BTC price and the overall crypto market becoming more and more dissociated in their price action, the only logical conclusion is that other altcoins are recovering against a falling BTC price and are eating into its market share. While that may be a good thing for the overall market, it isn't so great for all the Bitcoin HODLers out there.
On the technical front, BTC price is still well below its trendline resistance (marked in blue), which would bring about sufficient selling pressures. It is also pretty far away from its 50 day moving average (marked in cyan) too, which almost coincides with the trendline resistance. And with a Relative Strength Index value stuck between 35-36, a major spike of recovery seems unlikely unless there's some good news in the market. So things seem pretty dismal for the top coin.
ETHEREUM PRICE TODAY
Ethereum has been a surprise on many fronts and continues to be so. While Bitcoin stagnated around its $19,800 price level, Ethereum price has been recovering very strongly and has recovered much of its lost ground in the past 24 hours. Rallying over 5.5% in this timeframe, ETH price is back to trading over $1650 and is well on its way to recovery. This is a very promising sign, especially ahead of the highly anticipated Ethereum Merge, that is set to happen in about than two weeks and the excitement around it.
From a technical standpoint, thanks to its recent recovery, it is back to trading near its 50 day moving average and is also very close to breaking out of the $1700 resistance zone. Once it is able to do so, $2000 would seem close at hand as there are no more significant resistances thereafter. Also, for Ethereum price, the 50-DMA and the 200-DMA is slowly, but surely headed towards a golden crossover, which indicates a very bullish price pattern. So a sustained rally over the next week or two would result in this golden crossover and bring about a very strong bullish action in the largest altcoin by market cap.
Additional Read: Ethereum Price Prediction Weekly
BINANCE COIN (BNB)
Binance Coin (BNB) price gained about 2.2% in the past 24-hours and is currently trading at around $282 - with a current market cap of $45.4 billion as of writing.
Solana (SOL) price gained about 4.5% in the past 24-hours and is currently trading at around $33 - with a current market cap of $11.49 billion as of writing.
Dogecoin (DOGE) price gained about 1.9% in the past 24-hours and is currently trading at around $0.0634 - with a current market cap of $8.41 billion as of writing.
Polygon (MATIC) price gained about 1.8% in the past 24-hours and is currently trading at around $0.89 - with a current market cap of $7.8 billion as of writing.
ETHEREUM CLASSIC (ETC)
Ethereum Classic (ETC) price gained about 26% in the past 24-hours and is currently trading at around $40.4 - with a current market cap of $5.58 billion as of writing.
TOP CRYPTO NEWS TODAY
1. CARDANO ADDS $2 BILLION TO ITS MARKET CAP WITH THE CONFIRMATION OF THE VASIL HARD FORK
Excitement is abound in the Cardano ecosystem ahead of the Vasil Hard Fork which has been given a final date of 22 September for its implementation. And in that interim, the crypto project has seen a large amount of money flowing into its market cap. In effect, Cardano's market cap has gone from $14.7 billion on 29th August to over $17.3 billion on 6th September, 2022 according to data from CoinMarketCap.
2. BITCOIN TO BECOME FIRST MONETARY SYSTEM TO HIT NET ZERO EMISSIONS BY 2024
According to a recent study by BatCoinz, Bitcoin might be heading to achieve net zero emissions by December 2024 and thus becoming the first monetary system to actually be able to do so. This is primarily thanks to Bitcoin miners shifting more and more towards renewable sources of energy and replacing the traditional forms of energy in an attempt to reduce their carbon emissions amid fierce criticisms over their energy consumptions.
3. ~74% OF ETHEREUM NODES 'MERGE READY' AHEAD OF BELLATRIX UPGRADE
A total of 73.5% of all Ethereum nodes have now been marked as 'Merge ready' ahead of the upcoming Bellatrix upgrade set to take place in a few hours from now. The Bellatrix upgrade is one of the last necessary steps that needs to be completed before the official Ethereum Merge. To become Merge ready, Ethereum node operators must comply with the Bellatrix upgrade by updating its consensus layer clients prior to epoch 144896 on the Beacon Chain, which roughly is estimated to happen around 5 pm, IST.
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|ETHEREUM CLASSIC (ETC)||$40.4||26.1%|
|CURVE DAO (CRV)||$1.19||11.6%|
|LIDO DAO (LDO)||$2.16||9.5%|
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
Prices as of 6th September, 2022
Additional Read: Bitcoin Price below $20000