- Top crypto tokens by market cap – Bitcoin price is down about 6.3% trading below $18,800, Ethereum price under $1300, down about 7.2%.
- Global crypto market cap is down about 5.2% in the past 24 hours, currently at about $916 billion.
- Top crypto news – Shiba Inu (SHIB) holds top spot in Ethereum whales’ portfolios, OpenSea lists 4 NFT collections from Optimism and Solana (SOL) crosses 100 billion transaction count in its network.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$916 billion|
|Rise/Fall in crypto market cap||-5.2%|
|Global DeFi TVL||$53.9 billion|
|Rise/Fall in DeFi TVL||-1.7%|
CRYPTO CRASH – MARKET OVERVIEW
The overall crypto market has been pretty disappointing for bulls in the market. After a subdued activity to begin the week, the overall crypto price saw a healthy positive jump on 27 September, but lost all of its gains in the same day itself and lost even more today, on 28 September, 2022. As is evident from the chart, the candle for 27 September has a long wick on the upside, which indicates how much the markets gained and fell within the say day.
From a technical standpoint, the 27 September candle is a typical inverted hammer pattern, which is usually indicative of a bearish price action going forward. Along with that, the Relative Strength Index for the overall crypto price is also running below 40, which would also bring in further headwinds for any bullishness in the overall crypto market cap. The last two days also saw higher than usual trading volumes, which is indicative of traders participating in the selloff, suggesting there are more bears in the crypto market than there are bulls.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $5.06 billion, 5.49% of the total crypto market 24-hour volume. The volume of all stable coins is now $85.92 billion, which is 93.15% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $53.9 billion, down about 1.7% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
BITCOIN PRICE TODAY
Bitcoin price action has been mirroring the overall crypto market cap too. BTC price is currently trading below the lowest point of the year to date, managing to breakdown below trendline support multiple times in the past couple of days. Bitcoin price is currently at a very weak position, threatening to break down any time now. As of writing, it is below any and all significant price support levels on the chart.
From a technical standpoint, similar to the overall crypto market cap, Bitcoin price also displayed a inverted hammer candlestick pattern, which is typically a very bearish pattern. The intraday crash of 27 September saw heavy trading volumes too, suggesting participation in the selloff. BTC price is trading well below 50 and 200 day moving averages (marked in cyan and purple respectively) and along with that, the Relative Strength Index is close to 41 as of writing. All these indicators would bring about further selling pressures going forward in Bitcoin price.
Additional Read: Bitcoin Price Prediction
ETHEREUM PRICE TODAY
Ethereum price has managed so far to hold on above its last remaining trendline support (marked in black). ETH price had managed to touch $1400 on 27 September before falling back down harder than before and is currently trading below $1300. In fact, ever since the Ethereum Merge it has lost almost all of the gains it had made in the run-up to the highly anticipated event which took place without a hitch.
It is clearly evident from the chart attached above, ETH price which had rallied all the way from $1030 back in July 2022, to near $2000 in the middle of August - managing to spike nearly 100%. But soon after, it began falling which only intensified post the Merge and the ETH price is now trading once again near $1300, marking a near 35% crash. As of writing, it’s Relative Strength Index is worse off than even Bitcoin's, running at about 37. So overall, Ethereum seems to be the weaker option as of now.
Additional Read: Ethereum Price Prediction
BINANCE COIN (BNB)
Binance Coin (BNB) price lost about 5% in the past 24-hours and is currently trading at around $270 - with a current market cap of $43.5 billion as of writing.
Cardano (ADA) price lost about 6% in the past 24-hours and is currently trading at around $0.43 - with a current market cap of $14.3 billion as of writing.
Polkadot (DOT) price lost about 7.2% in the past 24-hours and is currently trading at around $6.2 - with a current market cap of $7 billion as of writing.
SHIBA INU (SHIB)
Shiba Inu (SHIB) price lost about 4% in the past 24-hours and is currently trading at around $0.00001092 - with a current market cap of $6 billion as of writing.
Chainlink (LINK) price gained about 3% in the past 24-hours and is currently trading at around $8 - with a current market cap of $3.94 billion as of writing.
TOP CRYPTO NEWS TODAY
1. SHIBA INU (SHIB) HOLDS TOP SPOT IN ETHEREUM WHALES' PORTFOLIOS
The second largest meemcoin by market capitalization, Shiba Inu (SHIB) has managed to maintain its top spot as the largest altcoin holdings amongst Ethereum whales, second only to Ether (ETH) itself, despite the raging crypto bear market. According to recent data from WhatStats, most of the biggest Ethereum whales haven't sold out their SHIB holdings over the past few months.
🐳 The top 1000 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) September 26, 2022
2. OPENSEA ON A LISTING SPREE, ADDS L2 CHAIN OPTIMISM BASED NFTs TO ITS CATALOGUE
Just days after adding support for Ethereum roll-up Arbitrum based NFTs, the largest NFT marketplace by trading volumes, OpenSea has announced its support to four NFT collections from the popular layer 2 chain, Optimism. This move onboards NFT projects based on Optimism, such as Apetimism, Bored Town, Motor Headz and Optichads, the firm announced.
1/ We’re excited to share that @optimismFND🔴 is officially live on OpenSea!
We can’t wait to welcome and support the community of Optimists 🎉https://t.co/L42YjGSlHn
— OpenSea (@opensea) September 27, 2022
3. SOLANA (SOL) SURPASSES 100 BILLION TRANSACTION COUNT
Solana network, which had been one of the most popular ecosystem for crypto and dApp developers back in 2021, which even led to its incredible rally during the bull run has seen some bad days of late. But despite the market cap erosion it has seen since the beginning of 2022, Solana's has been busy developing its platform through it all. Now it has achieved yet another massive milestone. As of writing, Solana ecosystem has surpassed 100 billion transaction count on the network since its inception, which is a huge feat.
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
**As of writing, there aren't any gainers out of the top cryptos by market cap other than Quant (QNT).
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|TERRA CLASSIC (LUNC)||$0.0002728||-9%|
|LIDO DAO (LDO)||$1.55||-8.9%|
Prices as of 28th September 2022.