KEY TAKEAWAYS
- Top crypto tokens by market cap – Bitcoin price is down about 1% trading around $20,500, Ethereum price at $1590, down about 2%.
- Global crypto market cap is down about 1.1% in the past 24 hours, currently at about $1.02 trillion.
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $1.02 trillion |
| Rise/Fall in crypto market cap | -1.1% |
| Global DeFi TVL | $55.5 billion |
| Rise/Fall in DeFi TVL | -0.5% |
| Bitcoin Price | $20,500 |
| Bitcoin Dominance | 38.9% |
| Ethereum Price | $1,590 |
CRYPTO MARKET OVERVIEW
Total Crypto Market Cap | Source: Tradingview
The overall crypto market cap has improved quite a lot in the past week and a half. Looking at the rally from the recent lows on 21st October, 2022 – the crypto market has recovered over 15% at its highs and is still well above 12% as of writing. According to CoinMarketCap, it also crossed above $1 trillion mark yesterday and has sustained above it even today. This is important because $1 trillion is a good psychological mark, and a sustenance above which indicates some bullish strength.
Along with that, crypto price is also above the 50 day moving average which would also provide some upside support as this rally continues in the overall crypto market. Crypto price is still quite far away from the 200 day moving average and also from a golden crossover of the two DMAs but things look moderately bullish. Even the Relative Strength Index is at 62 as of writing, so further upward move can continue for a while longer before the RSI reaches the overbought zone.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $4.06 billion, 5.57% of the total crypto market 24-hour volume. The volume of all stable coins is now $65.54 billion, which is 89.80% 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 0.5% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
Bitcoin price too has recovered, pretty much in line with the overall crypto market cap too. It has come a long way from its lowest points of the year (marked in black) and is more than 10% away from there. Currently trading barely above the $20,500 mark, things seem far better for BTC price than it was two weeks ago. Bitcoin price has also broken out of the descending triangle pattern (marked in black) which is widely considered to be a very bearish pattern on the charts and a breakdown below than can have bad consequences.
But with that out of the way for now, BTC price has broken out of the 50 day moving average and is very close to touching its immediate resistance level of $22,000. This has been a stiff level for Bitcoin to breach and if it is able to break out of that and sustain above it, then we can see strong upward move. Also, the Relative Strength Index for the king coin remains just below 59 as of writing. Thus things look pretty good for Bitcoin as of now.
Read more: Bitcoin Price Prediction
ETHEREUM PRICE TODAY
BTC/USD | Source: Tradingview
In this bout of recovery, altcoin king, Ethereum has managed to stage one of the best recoveries amongst the biggest cryptos by market cap, second only to Dogecoin. From its recent lows as on 21st October, ETH price has managed to gain over 30% as is evident on the chart. It had broken out of its immediate resistance level of $1400 (marked in blue) a few days ago and is well above it now. In fact, it is just shy of breaking into its next resistance / accumulation zone on the chart (marked in grey) which begins above $1700.
From a technical point of view, Ethereum price has also broken out of its 50 day moving average and is very close to touching its 200 day moving average too. This is probably one of the most significant rallies Ethereum price has managed to stage ever since the Ethereum Merge went live. So overall things look pretty optimistic for the altcoin king too.
Related: Ethereum Price Prediction
TOP CRYPTO GAINERS TODAY
| COIN | PRICE ($) | % CHANGE (24-HOUR) |
| CHILIZ (CHZ) | $0.2226 | 12.1% |
| THE SANDBOX (SAND) | $0.8778 | 6.6% |
| TRUST WALLET TOKEN (TWT) | $1.21 | 4.7% |
| COSMOS (ATOM) | $14.12 | 4.2% |
| ALGORAND (ALGO) | $0.3545 | 3.2% |
TOP CRYPTO LOSERS TODAY
| COIN | PRICE ($) | % CHANGE (24-HOUR) |
| DOGECOIN (DOGE) | $0.117 | -13.6% |
| WAVES | $3.42 | -11.2% |
| SHIBA INU (SHIB) | $0.00001199 | -11.2% |
| LIDO DAO (LDO) | $1.53 | -7.7% |
| HUOBI TOKEN (HT) | $8.49 | -7.4% |
Prices as of 31st October 2022.
Read more: Why is BTC price rising today?
Related posts
Trump’s Plan to Reshape Banking: Deregulation or Risk?
Trump aims to position the US as a global leader in crypto by reducing regulatory barriers.
Bitcoin Price Breaks $100K: Rate Cut Anticipations Ignite Crypto Market Rally
Altcoins soar alongside Bitcoin; Ethereum and XRP see double-digit gains.
