- Top crypto tokens by market cap – Bitcoin price is down about 1.9% trading around $19,950, Ethereum price at about $1350, down about 1.4%.
- Global crypto market cap is down about 1.6% in the past 24 hours, currently at about $960 billion.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$960 billion|
|Rise/Fall in crypto market cap||-1.6%|
|Global DeFi TVL||$55.5 billion|
|Rise/Fall in DeFi TVL||-0.3%|
CRYPTO MARKETS OVERVIEW
The overall crypto market cap has managed to sustain its support levels over the past week, even managing to gain a little bit towards the middle. The overall crypto market cap gained a little over 5% this week, thus bringing crypto price well away from the nearest trendline support which also happens to the last crucial support that coincides with the YTD lows for the crypto market cap. However, the overall crypto market cap is still below the psychological level of $1 trillion which could act as a resistance zone.
But other than that, the 5% rise this week has brought the crypto price very close to the 50 day moving average (marked in cyan) and just a small spike can provide about a breakout. It also marginally coincides with the nearest trendline resistance (marked in orange). With the Relative Strength Index roughly at about 50, a possibly rally could be mounted going forward. Thus things seems moderate to slightly bullish for the overall crypto market going forward.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $3.07 billion, 5.64% of the total crypto market 24-hour volume. The volume of all stable coins is now $50.41 billion, which is 92.61% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $55.5 billion, down about 0.3% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
BITCOIN PRICE TODAY
Pretty much like the overall crypto market cap, Bitcoin price too has managed to recover slightly over the past week. Between 3rd October to the 7th of October, Bitcoin price managed to scale nearly 6.5% below correcting slightly. BTC price is now decently far away from its nearest trendline support, which it had tested only a couple of weeks back (marked in black) and it also happens to be the YTD lows for BTC price so far. This is a good sign thanks to the major jump that Bitcoin price underwent through the middle of this week.
From a technical point of view, Bitcoin is more or less better off than the overall crypto market. It has managed to marginally breach the 50 day moving average (marked in cyan) and the Relative Strength Index for Bitcoin price is also above the halfway mark. This would positively enable any run ups that we may see over the weekend or the next week. Bitcoin has historically performed well in this quarter and it is yet to be seen if that still holds true.
Additional Read: Bitcoin Price Prediction
ETHEREUM PRICE TODAY
Ethereum price has moved pretty much in line with Bitcoin and the overall crypto market cap this week, however, it managed to gain less than usual, given the circumstance. Ethereum price managed to gain roughly the same amount in percentage terms as Bitcoin, about 6.5% over the week. This is testament to the fact that Bitcoin has managed to gain a lot of market cap dominance in the past couple of weeks with a weakening Ethereum price action post the Merge and Bitcoin quickly filling up the vacancy.
On the technical front, ETH price is still within the same range - between $1200 to $1400, and this is becoming a strong range for ETH price to break out of. It has been stuck within this range since the 19th of September and hasn't been able to provide a breakout from there. As is evident from the chart, trading volumes have been pretty low and with the Relative Strength Index at about 45 as of writing this article, it is pretty clear that Ethereum is currently the weaker option out of the two largest cryptos by market capitalisation.
Additional Read: Ethereum Price Prediction
BINANCE COIN (BNB)
Binance Coin (BNB) price lost about 4.2% in the past 24-hours and is currently trading at around $283.6 - with a current market cap of $45.9 billion as of writing.
Ripple (XRP) price lost about 2.5% in the past 24-hours and is currently trading at around $0.491 - with a current market cap of $24.3 billion as of writing.
Cardano (ADA) price lost about 1.8% in the past 24-hours and is currently trading at around $0.4274 - with a current market cap of $14.7 billion as of writing.
Tron (TRX) price gained about 0.5% in the past 24-hours and is currently trading at around $0.06299 - with a current market cap of $8.8 billion as of writing.
Uniswap (UNI) price gained about 1% in the past 24-hours and is currently trading at around $6.95 - with a current market cap of $5.3 billion as of writing.
TOP CRYPTO NEWS TODAY
1. ETHEREUM SEES 36% GROWTH IN ACTIVE USERS DESPITE BEAR MARKET
The third quarter has been difficult for the second largest crypto by market cap, but on-chain fundamentals and popularity has increased despite that. Ever since the Merge, Ethereum price has seen a major crash in the third quarter however, the network has seen a 36% growth in the number of active users on the blockchain. According to data from Dune Analytics, Ethereum gained over 4.5 million new active users in the third quarter. This is a stark change from the trend of steady declines the network has been seeing since Q4 2021, when ETH had touched it's all time highs.
2. BITCOIN LONG-TERM 'HODLER' SUPPLY REACHES ALL TIME HIGH
According to a monthly Bitcoin research report published by Ark Invest, Bitcoin's long-term 'HODLER' supply has reached an all time high of 13.7 million BTC, which accounts for about 71.5% of all the outstanding supply of the king coin. According to the research, the firm defines BTC held for over 155 days as long term holdings.
3. MAKERDAO INITIATES $500 MILLION INVESTMENT INTO US TREASURIES & BONDS
MakerDAO, the DAO which is responsible for and is the issuer of the stablecoin DAI, has initiated the first step towards allocating $500 million of its stablecoin reserves into short term US treasury bonds and investment grade corporate bonds. According to MakerDAO, this move is a way to strengthen the project's balance sheet with exposure to low-risk liquid traditional assets. Out of the total amount, 80% of the sum is to be allocated to short term US treasury bonds while the remaining 20% will be invested into corporate bonds.
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|XDC NETWORK (XDC)||$0.03158||4.7%|
|HUOBI TOKEN (HT)||$4.16||1.2%|
TOP CRYPTO LOST TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|LIDO DAO (LDO)||$1.5||-4%|
|BINANCE COIN (BNB)||$283.6||-4%|
|NEAR PROTOCOL (NEAR)||$3.60||-3.2%|
Prices as of 7th October 2022.