The past 24 hours for the crypto market has been reasonably moderate, after yesterday’s massive jump. The major jump which had occurred due to the positive set of number from the CPI data will take some time to get absorbed by the market and that is what seems to be underway. For the first time in many months, consumer price index (CPI) data from the US has seen a decline over a month on month period, instead of a rise, bringing the CPI down to 8.5% for the month of July.
On the crypto front, global crypto market cap lost about 0.8% in the past 24 hours, sustaining the total at about $1.15 trillion. According to CoinMarketCap, 5he total crypto market volume over the last 24 hours is $81.88 billion, which makes a 9.09% decrease.
The total volume in DeFi is currently $8.67 billion, 10.58% of the total crypto market 24-hour volume. The volume of all stable coins is now $74.18 billion, which is 90.59% of the total crypto market 24-hour volume.
As expected, Bitcoin prices too has fallen in line with the broader market. However, the unique aspect to consider is that Bitcoin has fallen more in percentage terms than the overall crypto market cap. As mentioned earlier, which the crypto market cap has fallen about 1% in the past 24 hours, BTC prices have fallen over 2% in the same timeframe. This indicates despite being the largest crypto by market cap, its influence over the rest of the market is on the downward side and hence, other altcoins are moving more independently. That is confirmed by the fall in Bitcoin’s dominance, which is now about 40% as of writing this.
In line with the observation above, despite the market falling by 1%, Ethereum prices have managed to sustain and even gain marginally in the past 24 hours. ETH prices are ever so close to breaching above the $1900 mark, as the final date for the Ethereum Merge comes closer.
Broadening our view a little bit, we see a new entrant into the top 100 cryptos by market cap, thanks to a near 50% rally in the past 24 hours. ANKR token managed to rally over 43% in the past 24 hours and over 52% in the past 7 days alone – to push itself up into the top 100 cryptos by market cap. This rally in ANKR has come thanks to two major news – firstly it enabled staking on its platform around 10 August and as on 11 August – it received a major strategic investment from Binance Labs.
Other than ANKR, we have Ethereum Classic, XDC Network and Zilliqa as some of the largest gainers in the past 24 hours, gaining around 5-8% in that timeframe. Some major losers in the past 24 hours include Arweave (AR), Synthetic (SNX), Internet Computer (ICP) and Kusama (KSM), each having lost in the vicinity of 5-7% respectively.
Total Crypto Market Cap | Source: Tradingview
The overall crypto market cap managed to recover almost 6% in the past week, primarily thanks to the positive CPI data from 10 August, 2022. It is quickly edging towards the $1.2 trillion resistance level which would be a difficult one to breach, but from the looks of it, if the market is able to sustain its present bullishness, we can see a breach within two weeks, by the end of August, 2022.
With the Relative Strength Index at about 64, we can expect the coming week to be a moderately bullish one too, because a further positive price action can be sustained going forward.
Check out latest Bitcoin INR Price , Chart, and Data.
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $1.15 trillion |
| Rise/Fall in crypto market cap | 6.4% (WoW) |
| Global DeFi TVL | $69.7 billion |
| Rise/Fall in DeFi TVL | 1.2% (WoW) |
| Bitcoin Price | $24,000 |
| Bitcoin Dominance | 40% |
| Ethereum Price | $1,895 |
*As on 11 August, 2022 – sourced from Tradingview, CoinMarketCap & DefiLlama
Additional Read: Top Cryptos to watch this Week
HOW IS BITCOIN PRICE DOING?
BTC/USD | Source: Tradingview
Bitcoin price action has been very much in line with the broader crypto market cap, but as observed earlier – on Friday, 12 August, Bitcoin lost significantly more than the overall market cap. This could also indicate that crypto investors are probably moving from relatively safer cryptos like Bitcoin to more volatile ones in the market, suggesting a risk-on behaviour amid falling inflation rates.
From a technical standpoint though, BTC price is following the higher high, higher low price pattern on the charts, which is a quite bullish price patterns and thus investors who choose to stay with Bitcoin too have nothing much to worry either. The Relative Strength Index is also on the positive side to support bullishness in the coming week.
Additional Read: Bitcoin Price Prediction Weekly
TOP CRYPTO MARKET NEWS OVER THE PAST WEEK
1. ANKR RECEIVES STRATEGIC INVESTMENT FROM BINANCE LABS
Ankr, a well known Web3 infrastructure provider – helps in the functioning of decentralised application, wallets as well as crypto-bases games that need internal communication. It is also known for its continuous support for the BNB Chain by introducing BNB liquid staking, it has received a strategic investment from Binance VC arm, Binance Labs.
The news of this investment alone has pushed ANKR prices up by nearly 50% in the matter of an hour since the news broke. And thanks to this rally, ANKR has found itself a spot in the list of top 100 cryptos by market cap.
$ANKR staking is now live!🥳
🫡Get started ➡️https://t.co/laQ986P34B pic.twitter.com/yIw68M2Ukk
— Ankr (@ankr) August 11, 2022
2. ETHEREUM’S MERGE NOW HAS TENTATIVE DATES IN SEPTEMBER
With the successful execution of the Goerli testnet merge, Ethereum Merge seems very close at hand. So much so that we now have tentative dates emerging, suggesting that it will take place in September. In a document circulated amongst Ethereum developers during a Consensus Layer Call depicted there could be several scenarios for when the Merge on the Ethereum mainnet may occur – likely dates include 15, 16 or 20 September.
Tentative Mainnet Bellatrix fork slot/time 👇
Epoch: 144896
Time: 9/6/2022, 11:34:47 AM (UTC)— terence.eth (@terencechain) August 11, 2022
3. INSTITUTIONAL INFLOW INTO ETHEREUM CONTINUES FOR 7 CONSECUTIVE WEEKS
Major institutional investment is piling into the Ethereum network, primarily ETH based digital asset funds which have recorded seven consecutive weeks of positive inflows, according to a recent CoinShares report. These inflows reached $16.3 million last week alone, adding up to a total of $159 million in inflows in the past 7 weeks. This comes amid the news of Ethereum Merge happening later next month in September – when the second largest crypto by market cap will transition from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism.
4. POLYGON TOUCHES NEW RECORD IN NUMBER OF DAPPS ON ITS BLOCKCHAIN
In a major positive development for the Polygon over the week – the network has reported a significant rise in the number of dApps running on its chain. The number of decentralised apps running on the Ethereum scaling platform has crossed 37,000, marking a staggering 400% increase since the start of 2022.
5. ETHEREUM CLASSIC PRICE TOUCHES 4-MONTH HIGH AHEAD OF ETHEREUM MERGE
Ahead of the highly anticipated Ethereum Merge next month, Ethereum Classic (ETC) prices have hit a 4-month high a couple of hours earlier on 12 August, 2022 – crossing well over $42.2, according to CoinMarketCap. It is currently trading slightly below but its price action depicts strong bullishness going forward.
Read more: Why is Ethereum Classic (ETC) Price Rising Today?
TOP CRYPTO PRICES OVER THE WEEK
TOP GAINERS
| COIN | PRICE ($) | PRICE (INR) | % CHANGE (7-DAY) | MARKET CAP |
| ANKR | $0.05 | ₹4 | 52.8% | $483 MILLION |
| DECRED (DCR) | $35.7 | ₹2845.5 | 30% | $509 MILLION |
| NEAR PROTOCOL (NEAR) | $5.8 | ₹495.3 | 27.2% | $4.3 BILLION |
| NEXO | $0.9 | ₹71.7 | 25.2% | $523 MILLION |
| AVALANCHE (AVAX) | $28.7 | ₹2465.3 | 20% | $8.2 BILLION |
TOP LOSERS
| COIN | PRICE ($) | PRICE (INR) | % CHANGE (7-DAY) | MARKET CAP |
| APECOIN (APE) | $6.85 | ₹585 | -8.6% | $2.1 BILLION |
| WAVES | $6.02 | ₹500 | -4% | $656 MILLION |
| KUSAMA (KSM) | $61 | ₹5200 | -3.5% | $516 MILLION |
| LIDO DAO (LDO) | $2.5 | ₹199.2 | -2.5% | $801 MILLION |
| THE SANDBOX (SAND) | $1.3 | ₹110 | -1.6% | $1.6 BILLION |
CRYPTO MARKET: THE WEEK AHEAD
Overall, the week ahead for the crypto market can be expected to be moderately bullish, extrapolating from the current week’s trajectory. Leaving aside Bitcoin, the largest altcoin by market cap, Ethereum has emerged to be this week’s leader. It has come very close to touching the $1900 level and an eventual breach into the $2000 level would mean that ETH prices have crossed over a major psychological hurdle.
Prices as on 11 August, 2022.
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