Crypto Market Cap falls from $1 trillion again, Bitcoin Price holding on to $20,000, & Other Top Crypto Prices in the Red!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price down 1.6% at $20,050, Ethereum price at $1550, down about 3.6%
2. Global crypto market cap down about 2% in past 24 hours, currently at about $976 billion
3. Top crypto news – Total staked Ethereum doubled on YoY basis, Bitcoin hash rate reaches highest point of 2022, Aada Finance to launch first lending and borrowing protocol on Cardano.

CRYPTO MARKET TODAY AT A GLANCE

Global crypto market cap	$976 billion
Rise/Fall in crypto market cap	-2%
Global DeFi TVL	$59.56 billion
Rise/Fall in DeFi TVL	0.05%
Bitcoin Price	$20,050
Bitcoin Dominance	39.3%
Ethereum Price	$1,550

GLOBAL CRYPTO MARKET OVERVIEW

After a reasonably positive start to the week, on 1 September, the overall crypto market is managing to hold on to its crucial levels. Roughly speaking, it is currently trading right on the trend line support (marked in orange) after breaking down below it briefly last week. This is a reasonably good sign as it indicates that the market is more or less trying to hold on to the impressive gains we saw on Monday, 29 August, 2022. There has been sustained trading volumes so far, despite the major dips, which indicate that the dips were probably bought into, which in the larger perspective, also suggests that traders and investors in the crypto space were moving back into a risk-on zone.

However, that being said, it is still well below a few other important resistance levels too, which could possibly be tough to break out of in the near future, with the closest one being the 50 day moving average. Along with that, the Relative Strength Index is back to 40 which would bring about further selling pressures, thus could prevent prices from going up very quickly again.

Additional Read: Bitcoin Price Prediction Weekly

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $5.26 billion, 7.84% of the total crypto market 24-hour volume. The volume of all stable coins is now $60.54 billion, which is 90.25% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.56 billion, up about 0.05% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

Bitcoin price is currently stuck within a range and despite the decent recovery at the beginning of the week, its position is still relatively weak. Bitcoin has been mirroring the overall crypto market cap chart patterns, but has been ranging much weaker. That is also evident from the losing market cap dominance, where it is consistently losing its dominance over the past couple of weeks. As per data from CoinMarketCap, we can clearly see how BTC price is quickly losing its dominance. What was once a near 70% dominance back in the beginning of 2021 is now below 40% and falling rapidly. It is showing how market participants are relying less on the flagship token and are migrating to others which solve more real world problems and have use cases.

On the technical front, BTC price portrays a similar story. It is well below the trendline resistance (marked in blue) and marginally above the trendline support (marked in black). It has almost reached its June-July lows, one of its lowest points this year, while the likes of Ethereum remains still relatively strong, despite the recent crash. It is also well below its 50 day moving average and the 200 day moving average and is barely able to hold on to the crucial psychological support level of $20,000.

Ethereum price on the other hand has been relatively strong so far. As mentioned above, Ethereum is quickly eating into Bitcoin's market cap dominance, thanks to the highly anticipated upcoming Ethereum Merge and the excitement around it. The start of the week saw Ethereum making near double digit gains on an intraday basis but has lost a little bit today, in line with the bearish pressures in the market. However, from a broader perspective, it isn't too bad either. Small ups and downs are part and parcel of an open market and its bound to happen.

But from a technical standpoint, ETH price is inching ever so closer to its 50 day moving average once again. Currently trading well over its near psychological support level of $1500, Ethereum price can be expected to recover a lot more lost ground once a bit more positivity sets into the market. In Ethereum's case, 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. Hence, so far, ETH investors have nothing much to worry about as of now, unlike the case with BTC investors.

Additional Read: Ethereum Price Prediction Weekly

OTHER ALTCOINS

BINANCE COIN (BNB)

Binance Coin (BNB) price lost about 3.7% in the past 24-hours and is currently trading at around $279 - with a current market cap of $45 billion as of writing.

SOLANA (SOL)

SOLANA (SOL) price fell about 3.5% in the past 24-hours and is currently trading at around $31.46 - with a current market cap of $11 billion as of writing.

DOGECOIN  (DOGE)

Dogecoin (DOGE) price fell about 3.4% in the past 24-hours and is currently trading at around $0.0619 - with a current market cap of $8 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price gained about 0.7% in the past 24-hours and is currently trading at around $0.84 - with a current market cap of $7.33 billion as of writing.

LITECOIN (LTC)

Litecoin (LTC) price gained about 0.75% in the past 24-hours and is currently trading at around $55.1 - with a current market cap of $3.9 billion as of writing.

TOP CRYPTO NEWS TODAY

1. BITCOIN MINING SEES BIGGEST JUMP IN 2022

Bitcoin is seeing a very rapid increase in its hash rate after quite some time. According to data from BTC.com, Bitcoin's difficulty recovered to 30.98 Th/s as on 31 August, 2022. This latest difficulty adjustment represented a 9.26% jump - the largest increase since January. That’s the third adjustment in a row that saw a major jump in the network difficulty despite the raging bear market in the crypto space since the beginning of this year.

2. TOTAL STAKED ETH DOUBLES OVER A YoY PERIOD

The total amount of staked ETH deposited on the ETH 2.0 smart contract on the Ethereum network is up more than 100% on the year-over-year basis. The total staked ETH now accounts for more than 13.4 million of all ETH, which makes up more than 11% of the total supply so far. This growth comes despite the fact that staking can be risky, but with the team moving as scheduled, it has imbued renewed interest in users.

3. AADA FINANCE LAUNCHES FIRST LENDING & BORROWING DEFI APP ON CARDANO

Aada finance, a crypto assets lending platform, has announced the imminent launch of the Aada finance V1, a lending and borrowing protocol on the Cardano mainnet. The release is scheduled for 13 September, 2022 - which will make Aada V1 the first lending and borrowing protocol to run on Cardano.

September 13th, get ready #Cardano https://t.co/zjPW6LUFSF pic.twitter.com/VmHHeYVIoi

— Aada (@AadaFinance) August 31, 2022

 

TOP CRYPTO GAINERS TODAY

COIN	PRICE ($)	% CHANGE (24-HOUR)
ECASH (XEC)	$0.00004758	5.9%
CHILIZ (CHZ)	$0.021	4.4%
MONERO (XMR)	$153	$1.3%
POLYGON (MATIC)	$0.84	0.8%
LITECOIN (LTC)	$55.1	0.75%

TOP CRYPTO LOSERS TODAY

COIN	PRICE ($)	% CHANGE (24-HOUR)
HELIUM (HNT)	$5.15	-8.3%
MAKER (MKR)	$756.6	-6.9%
CONVEX FINANCE (CVX)	$5.08	-5.3%
KUSAMA (KSM)	$47	-4.9%
ZCASH	$58.8	-4.8%

Prices as of 1st September, 2022

Additional Read: Bitcoin Price Drops below $20,000