KEY TAKEAWAYS
- Top crypto tokens by market cap – Bitcoin price is down about 0.4% trading around $19,500, Ethereum price at about $1330, down about 0.6%.
- Global crypto market cap is down about 0.3% in the past 24 hours, currently at about $943 billion.
- Top crypto news – Bitcoin (BTC) HODL numbers hit 5-year highs, Shiba Inu (SHIB) burn rate surges by 100% and Cardano based DEX sees positive numbers on the blockchain post Vasil Hard Fork.
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $943 billion |
| Rise/Fall in crypto market cap | -0.3% |
| Global DeFi TVL | $55.3 billion |
| Rise/Fall in DeFi TVL | 0.8% |
| Bitcoin Price | $19,500 |
| Bitcoin Dominance | 39.5% |
| Ethereum Price | $1,330 |
CRYPTO CRASH – MARKET OVERVIEW
Total Crypto Market Cap | Source: Tradingview
The overall crypto market cap has managed to sustain after the crash from two weeks ago, despite the fact that crypto price is below all meaningful support levels. It is still marginally above the lowest points if we have a year to date view but other than that, all indications point to selling pressures across the board. After the long wick candle from 27 September, also known as an inverted hammer pattern, the chart has presented us with two more doji / hammer candles which indicate some bullish action happening too.
From a technical perspective, things remain bearish overall. As mentioned earlier, crypto price is well below any and all meaningful levels of support on the charts, which is bound to bring in further bearishness in the market. However, the slight positive action over the past two days has improved the Relative Strength Index and pushed it back above 45. A slight recovery from here can push the RSI above 50 which would also provide a breakout over the 50 day moving average (marked in cyan) and flip the immediate trendline resistance into a support. Hence, things seem bearish at the moment but a slight push upwards can change the picture.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $3.75 billion, 5.40% of the total crypto market 24-hour volume. The volume of all stable coins is now $63.71 billion, which is 91.81% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $55.3 billion, up about 0.8% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
Bitcoin price so far has managed to sustain above the last remaining support trendline (marked in black), which also happens to be the lowest points YTD. Currently trading back above the $19,000 mark, things seem better for BTC price than it was even two days ago. But it also cannot be denied that Bitcoin price is still in a very weak situation, threatening to break down any time now.
Technically, after the major inverted hammer candle displayed on 27 September, Bitcoin price has managed to show a certain amount of recovery over the next three days. It has withheld the YTD lows of around $18,800 and BTC price is edging closer to the 50 day moving average (marked in cyan). And with the Relative Strength Index at about 47 as of writing, which like the overall crypto market cap, is marginally away from a good breakout. BTC price is thus performing slightly better than the altcoin king, Ethereum so far.
Additional Read: Bitcoin Price Prediction
ETHEREUM PRICE TODAY
ETH/USD | Source: Tradingview
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 and is currently trading marginally above $1300. In fact, ever since the Ethereum Merge it has lost almost all of the gains it had made in the run-up between July and August, to the highly anticipated event which actually took place without a hitch.
Technically speaking, ETH price which had rallied all the way from $1030 back in July 2022, to near $2000 in the middle of August - managing to jump nearly 100%. But soon after, it began losing all the gains which intensified post the Merge and the ETH price is now trading once again just above $1300, marking a 30%+ crash. As of writing, it’s Relative Strength Index is just above 40, as against Bitcoin's 47. So overall, Ethereum seems to be the weaker option as of now.
Additional Read: Ethereum Price Prediction
OTHER ALTCOINS
RIPPLE (XRP)
Ripple (XRP) price gained about 9% in the past 24-hours and is currently trading at around $0.4868 - with a current market cap of $24 billion as of writing.
CARDANO (ADA)
Cardano (ADA) price gained about 0.1% in the past 24-hours and is currently trading at around $0.4372 - with a current market cap of $14.9 billion as of writing.
POLYGON (MATIC)
Polygon (MATIC) price gained about 3.6% in the past 24-hours and is currently trading at around $0.7735 - with a current market cap of $6.77 billion as of writing.
SHIBA INU (SHIB)
Shiba Inu (SHIB) price gained about 0.2% in the past 24-hours and is currently trading at around $0.0000112 - with a current market cap of $6.13 billion as of writing.
CHAINLINK (LINK)
Chainlink (LINK) price gained about 0.7% in the past 24-hours and is currently trading at around $7.8 - with a current market cap of $3.8 billion as of writing.
TOP CRYPTO NEWS TODAY
1. BITCOIN HITS RECORD HODL NUMBERS, AT 5-YEAR HIGH
As per fresh new data from on-chain analytics firm Glassnode, Bitcoin HODLers, or long term holders have been holding on to their Bitcoins (BTC) despite the extended bear run that the market is currently experiencing. As of September 29, the amount of Bitcoin under HODL had hit a five-year record high at 7,509,524.362 BTC which is roughly equivalent to $341.55 billion.
📈 #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,509,524.362 BTC
View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/R8gDlXYQOf
— glassnode alerts (@glassnodealerts) September 29, 2022
2. SHIBA INU (SHIB) BURN RATE SURGES 100%!
Shiba Inu (SHIB), which has remained one of the top holdings of Ethereum whales, second only to EHT holdings, has been seeing some further positive action happening on the chain. The second largest memecoin by market capitalisation has seen its burn rate surge by over 100% earlier this week to reach 61 million SHIB tokens burnt in just 24 hours. Data indicates that Ethereum whales joined in the effort to burn more ETH as a total of 61.1 million SHIB tokens were burned in just 13 transactions in 24 hours.
In the past 24 hours, there have been a total of 61,169,479 $SHIB tokens burned and 13 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 28, 2022
3. CARDANO BASED DEX REPORTS POSITIVE POST-VASIL UPGRADE NUMBERS
Soon after the completed of the Cardano Vasil Hard Fork, that went live on 22nd September and went on till the 27th of September, Cardano development team at IOG announced that the new Vasil capabilities (including node and CLI support for reference inputs, inline datums and reference scripts), along with a new Plutus cost model, are now available on the Cardano mainnet. Along with that, Cardano based MuesliSwap mentioned that the Vasil upgrade has brought about improvements by reducing transaction size and market operation fees.
Power of Vasil! 🔥
We are close to launching our Plutus v2 scripts. Here are some amazing benchmarks showing the upgrade (combining our Orderbook with Liquidity Pools)
Plutus v1 Transaction
Size: 14.73 kB
Fee: 1.44 $ADAPlutus v2 Transaction
Size: 1.31 kB
Fee: 0.73 $ADA— MuesliSwap (@MuesliSwapTeam) September 29, 2022
TOP CRYPTO GAINERS TODAY
| COIN | PRICE ($) | % CHANGE (24-HOUR) |
| RIPPLE (XRP) | $0.4868 | 9% |
| STELLAR (XLM) | $0.1155 | 6.2% |
| MAKER (MKR) | $752.76 | 4.8% |
| DECRED (DCR) | $26.15 | 4.1% |
| POLYGON (MATIC) | $0.7728 | 3.6% |
TOP CRYPTO LOSERS TODAY
| COIN | PRICE ($) | % CHANGE (24-HOUR) |
| PANCAKESWAP (CAKE) | $4.88 | -3.4% |
| IOTA | $0.2933 | -3.3% |
| UNISWAP (UNI) | $6.34 | -2.4% |
| KUSAMA (KSM) | $43.04 | -2.4% |
| FILECOIN (FILE) | $5.73 | -1.7% |
Prices as of 30th September 2022.
