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Crypto Prices Today: Bitcoin Price hovers around $19,000, ETH below $1300, Uniswap, & Apecoin lost upto 7%

KEY TAKEAWAYS

  1. Top crypto tokens by market cap – Bitcoin price is up about 0.3% trading around $19,000, Ethereum price at about $1290, up about 1%.
  2. Global crypto market cap is up about 0.4% in the past 24 hours, currently at about $921 billion.
  3. Top Crypto News – America’s oldest bank receives permission to offer crypto services, BSC to undergo hard fork to solve the bug that resulted in the $100 million exploit and Shiba Inu (SHIB) once again reclaims top spot in Ethereum Whales’ holdings.

CRYPTO MARKET TODAY AT A GLANCE

Global crypto market cap $921 billion
Rise/Fall in crypto market cap 0.4%
Global DeFi TVL $53.9 billion
Rise/Fall in DeFi TVL -0.5%
Bitcoin Price $19,000
Bitcoin Dominance 39.75%
Ethereum Price $1290

CRYPTO MARKETS OVERVIEW

Total Crypto Market Cap | Source: Tradingview

The overall crypto market cap has continued to trade within a very narrow range, with a slight bias towards the bearish side. The past week and a half has been particularly on the bearish side, as is evident from the chart above. In the past week and a half, there has only been one day of gains, which upon closer inspection isn’t very significant either. The rest of the days have been steadily loss making days for crypto prices.

From a technical point of view, things continue to remain bearish overall. As mentioned earlier pieces, crypto price is well below any and all meaningful levels of support on the charts, which will surely to bring in more bearishness into the market. Even the Relative Strength Index, which was close to 50 at the beginning of last week has slowly lost its momentum and fallen down to 41 levels as of writing. This also plays into the larger bearish view for the market too. Crypto price is also below the 50 day moving average for quite some time now and, hence, it seems things will continue to remain bearish for the foreseeable near term.

Additional Read: BTC Price Prediction

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $3.05 billion6.27% of the total crypto market 24-hour volume. The volume of all stable coins is now $45.94 billion, which is 94.41% 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 0.5% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Falling in line with the overall crypto market, the king coin, Bitcoin - has lost all the gains it had managed to make at the beginning of last month. Bitcoin price is back to the lowest point of the year to date (trendline marked in black) which also marks the last significant support level for Bitcoin. If BTC price isn't able to hold on to this level, and breaks down below it going forward, we will see a major crash ensue soon after.

Even from the technical point of view BTC price is at a very precarious situation right now. It is below all the other psychological and technical levels of support on the chart, indicating to a heavy bearish activity underway in the king coin. Bitcoin price action is so weak that the Relative Strength Index for BTC is also at around 43 as of writing, which would also bring about further bearishness in the crypto token. Thus Bitcoin is in for a tough time thanks to the value erosion that happened over the past week and a half.

ETHEREUM PRICE TODAY

ETH/USD | Source: Tradingview

Ethereum price, despite having seen a larger value erosion in the last month or so is still in a relatively better situation than Bitcoin or the overall crypto market cap. This is because ETH price had rallied so much in the anticipation to the Ethereum Merge that the eventual crash after that couldn't erase all the gains it made prior to that. So as a result of that, ETH price is still well above its YTD lows of about $1000, currently trading just shy of $1300.

Technically, Ethereum price is at its nearest trendline support (marked in black) which has held on for the past couple of weeks. However, it must also be noted that ETH price is well below all other levels of support, even the 50 day moving average. Along with that, the Relative Strength Index for the altcoin king is at 40 as of writing, which is much weaker than Bitcoin's. This would bring about significantly larger selling pressures on the crypto price going forward.

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price lost about 0.8% in the past 24-hours and is currently trading at around $0.4888 - with a current market cap of $24.4 billion as of writing.

CARDANO (ADA)

Cardano (ADA) price lost about 0.9% in the past 24-hours and is currently trading at around $0.3927 - with a current market cap of $13.4 billion as of writing.

DOGECOIN (DOGE)

Dogecoin (DOGE) price gained about 2.6% in the past 24-hours and is currently trading at around $0.06047 - with a current market cap of $8 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price lost about 1% in the past 24-hours and is currently trading at around $0.7938 - with a current market cap of $6.9 billion as of writing.

CHAINLINK (LINK)

Chainlink (LINK) price gained about 0.1% in the past 24-hours and is currently trading at around $7.21 - with a current market cap of $3.5 billion as of writing.

TOP CRYPTO NEWS TODAY

1. MAJOR US BANK TO NOW OFFER CRYPTO CUSTODIAL SERVICES TO SELECT CUSTOMERS

According to a recent report by Wall Street Journal, BNY Mellon, the oldest bank in the US has received regulatory approval to offer cryptos to a select number of customers interested in Bitcoin and Ethereum. Post this approval, BNY Mellon has become the first mainstream bank to offer cryptos alongside traditional products on the same platform.

2. SHIBA INU (SHIB) RECLAIMS TOP SPOT IN ETHEREUM WHALE HOLDINGS

Shiba Inu is once again the favourite of Ethereum whales as the second largest memecoin has reclaimed the top spot in the list of biggest holdings by ETH whales. According to data from Whalestats, Ethereum whales alone hold over $137 million worth of SHIB tokens, which is just slightly less than double its closest competitor. This comes despite the poor show at the launch of the Shiba Inu game a couple of days ago.

Additional Read: Shiba INU Price Prediction

3. BNB SMART CHAIN TO UNDERGO HARD FORK TO SOLVE THE $100 MILLION BUG

The smart contract blockchain network built by the crypto exchange Binance, called BNB Smart Chain (BSC) is all set to undergo a hard fork to implement a fix in the code to remove the bug that resulted in an exploit that drained the network of $100 million just a few days ago on 6 October, 2022. According to their GitHub post, the release for the mainnet will be a temporary yet urgent patch to mitigate the cross-chain infrastructure between Beacon Chain & BSC.

Read more: BNB Chain Hard Fork

TOP CRYPTO GAINERS TODAY

COIN PRICE ($) % CHANGE (24-HOUR)
HUOBI TOKEN (HT) $6.63 30%
HEDERA (HBAR) $0.06328 8.8%
CONVEX FINANCE (CVX) $5.73 4%
HELIUM (HNT) $4.59 3.2%
CHILIZ (CHZ) $0.1926 3%

TOP CRYPTO LOSERS TODAY

COIN PRICE ($) % CHANGE (24-HOUR)
APECOIN (APE) $4.67 -7%
STELLAR (XLM) $0.1162 -6.1%
UNISWAP (UNI) $6.11 -4%
KLAYTON (KLAY) $0.1723 -3.5%
COSMOS (ATOM) $12.04 -2.3%

Prices as of 12 October, 2022.

Additional Read: Top Stablecoins 2022

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