In line with yesterday, most major cryptos showed green on the charts on 15 July, 2022. According to Coinmarketcap, the global crypto market cap recovered over 3% to $925 billion. Latest numbers suggest, total cryptocurrency trading volume in the last day is at $75.64 Billion.
The total volume in DeFi is currently $6.73B, 8.90% of the total crypto market 24-hour volume. The volume of all stable coins is now $63.43B, which is 83.86% of the total crypto market 24-hour volume.
So continuing from yesterday’s recovery streak, all major cryptos, including most of the heavyweights managed to post positives over the past 24 hours. Bitcoin (BTC) was up another 2%, currently trading around $20,500 while Ethereum was up a staggering 7.88% as of writing this, trading just shy of $1200.
Check out latest Bitcoin INR Price , Chart, and Data.
Apart from these, many other smaller altcoins also managed to post healthy returns over the past 24 hours. Quant’s QNT jumped a massive 26% to $105. QNT, over the past week has managed to rake in returns over 62%! Other alts like Compound (COMP), Uniswap (UNI) and Aave (AAVE) jumped 15%, 14% and 13.5% respectively at the time of writing. Again, much like yesterday – the high correlation of altcoins with Bitcoin has resulted in a broad base recovery in the crypt market.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$925 billion|
|Rise/Fall in crypto market cap||3%|
|Global DeFi TVL||$92.5 billion|
|Rise/Fall in DeFi TVL||2.8%|
Check out latest Ethereum INR Price , Chart, and Data.
TOP CRYPTO NEWS TODAY
1. More than $400 MILLION WORTH OF BNB Coin BURNED
This move was a part of an automatic system, in an effort to bring down the total circulation of Binance coin (BNB) down to a 100 million BNB. At current prices, over 1.9 million BNB tokens were burned in this quarterly burn program. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB’s price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
Check out latest Binance Coin INR Price , Chart, and Data.
2. SANDBOX TO BUILD BIGGEST SKATE-PARK IN THE METAVERSE
Metaverse gaming platform, The Sandbox (SAND) has announced its partnership with the skateboarding legend, Tony Hawk to build the biggest skatepark in the metaverse. The team at Sandbox made this announcement through a tweet, with Tony Hawk featuring in a short video.
Gear up from head to toe, compete with other fans for the perfect tricks and ascend to half-pipe heaven! pic.twitter.com/idLW9HjQl8
— The Sandbox (@TheSandboxGame) July 13, 2022
Additional Read: Sandbox Technical Analysis
3. CIRCLE DISCLOSES $55.7 BILLION WORTH OF USDC RESERVES
In an unprecedented move by a stablecoin issuer, Circle has released a disclosure containing the full breakdown of its USD Coin (USDC) holdings for the first time. This was done to offer transparency and install greater trust in the stablecoin issuer. This would bode well for the issue keeping the UST depegging fiasco in mind and even suspicions cast over USDT’s dollar reserves.
As of 30 June, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country.
GLOBAL CRYPTO MARKET OVERVIEW
The broader crypto market cap continued it winning streak for the third consecutive day, gaining over 8% in the mentioned timeframe. Going forward, we can expect the Relative Strength Index to lend support to the uptrend. However, the trendline resistance marked in orange can be expected to pose as a strong supply zone, as it has already done twice before in the past month and a half. However, in the coming week if it is able to break through that, a major leg up can be seen very soon.
But if the market isn’t able to breach that level, then a sustained rangebound trading can be expected to be seen. The market can be assumed to have bottomed out and hence further downside seems unlikely from a technical point of view.
BITCOIN PRICE TODAY
Leading the market with over 42% market dominance, Bitcoin has also recovered yet another 2% over the past day. As is evident from the chart, BTC prices are very close to the downward trendline resistance. Hence, going forward in the week if Bitcoin is able to breach that, coinciding with the $22,500 level – we may see a reasonable run-up to $30,000 where prices can be expected to stay stuck for quite some time.
This is because the $28k-32k region is a zone of heavy supply and unless there’s some major positive news break for the crypto space as a whole, that region will take some time to be breached. Bull will need to absorb all the selling pressures at the zone without faltering before continuing their journey upwards.
CRYPTO MARKET: TOP GAINERS TODAY
CRYPTO MARKET: TOP LOSERS TODAY
Thanks to the broad base recovery in the crypto market over the past day, there have been no major losers out of the top 100 coins according to market capitalisation, as of writing this.
CRYPTO MARKET: THE WEEK AHEAD
Summarising from the article, the week ahead can be expected to be neutral to positive on the charts. With Bitcoin leading the rally and the crypto market following suit, we can expect a moderate amount of bullishness entering the markets to prepare for the days ahead. No major spikes are expected from a technical standpoint.
The DeFi space seems to be recovering at a gradual pace too, in line with the rest of the market. This is a good sign as a broad based recovery means that it may be gradual but there is strength in the bullishness. In all probability, it wouldn’t end up becoming bull traps and those holding short positions can be expected to book losses and get out of the market.
Prices as of 15th July, 2022
AAVE Price Prediction
What is Aave?
Aave is a decentralized, peer-to-peer protocol that allows users to lend and borrow crypto. The lenders who deposit their crypto into the liquidity pool, earn interest. Built on Ethereum, AAVE is a non-custodial protocol that allows the users to directly interact with the network without any inference from the middlemen.
Aave Price Analysis for July 2022
|Current Price||INR 6290.25|
|Market Cap||INR 87.52 billion|
|Circulating Supply||13,915,773.72 AAVE|
|Max Supply||16,000,000 AAVE|
|Vol (24H)||INR 35,804,213,714|
|Change (7D)||+ 22.72%|
Aave (AAVE) Prediction July 2022
Aave price is currently following a significant uptrend maintaining a strong uptrend line. Hence following a couple of upswings and corrections, the AAVE price may close the July month’s trade at around INR 7200 to INR 7400.
Read more on AAVE Price Prediction
Additional Read: Ethereum Merge Release Date
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