The crypto market over the past week has been trying to gain back some lost ground, and to some extent has been successfully been able to do so too. Especially if we consider the massive intraday crash that had happened at the end of last week. There is a lot of fear, uncertainty and doubt regarding the Jackson Hole Symposium that is currently happening in the US.
The overall crypto market cap managed to recover about 4.9% over the past week, despite the FUD in the ecosystem. It went from sub-$1 trillion levels to around $1.04 trillion as of writing this piece, according to CoinMarketCap.
In line with the overall crypto market cap, Bitcoin price too managed to rake in some gains. BTC price have managed to gain about 4% in the past week, slightly less than the overall crypto market cap. Over the past 7 days, Bitcoin price recovered from lows of $20,800 to about $21,500 as of writing.
Ethereum price however has managed to be more resilient to market conditions, thanks to its upcoming Ethereum Merge. In the past 7 days, ETH price has managed to gain over 8%, more than double that of Bitcoin. Currently trading at about $1680, it had fallen to around $1550 after the major intraday crash at the end of last week.
Additional Read: Ethereum Price Prediction Weekly
TOP CRYPTOS TODAY BY MARKET CAP
GLOBAL CRYPTO MARKET OVERVIEW
After an extremely bearish previous week, the past week has been on the side of recovery. It wasn't much, but a definitely recovery nonetheless. The overall crypto market managed to gain about 4.9% in the past week, trying to get back some of the bullishness that was there in the first half of the month of August. So far, prices are still marginally below the 50-day moving average (marked in cyan) and another small jump would bring prices back above the 50-DMA. Prices have so far held on above the trendline support, which provides some comfort.
The Relative Strength Index has been on a rising trend but still is fundamentally still weak on the charts and could succumb to bearish pressures at any point in time, from a technical standpoint. A convincing breach above the 50 mark on the RSI would be a great sign for the overall crypto market cap going forward.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.04 trillion|
|Rise/Fall in crypto market cap||4.9% (WoW)|
|Global DeFi TVL||$62.3 billion|
|Rise/Fall in DeFi TVL||-2.8% (WoW)|
BITCOIN PRICE TODAY
Bitcoin price action, as expected, is almost a mirror image of the broader crypto market. BTC price managed to gain some, but it was almost a whole percentage point less than the overall crypto market. This is testament to the fact that Bitcoin is losing out on its market cap dominance over the past couple of weeks. It has now solidified under the sub-40% mark and seems like it is going to stay there. This is probably due to Ethereum's stellar performance in terms of gains ahead of the Ethereum Merge which is helping it to eat into Bitcoin's market cap.
From a technical standpoint, BTC prices are still well below the 50-day moving average (marked in cyan) and marginally below the trendline support (marked in blue). Thus there is a lot of weakness that still persists in the king coin and we will need to see a healthy breakout above both these levels to have some sense of relief for BTC investors.
Additional Read: Bitcoin Price Prediction Weekly
TOP CRYPTO NEWS OVER THE WEEK
1. CRYPTO TRADERS HOLD STEADY AS THEY WAITS FOR SPEECH BY JEROME POWELL
Bitcoin price remained very steady, not changing too much and hovering around $21,500 as mentioned earlier as traders wait in anticipation for US Federal Reserve's Chair, Jerome Powell's speech at the US central bank's Jackson Hall Symposium, scheduled to happen later today. We may see heavy price action going forward after the speech.
2. ETHEREUM MERGE CONFIRMED FOR SEPTEMBER
The Ethereum Foundation has finally published, in a blog, the final details on the status of the Ethereum Merge which expected to take place next month, in September. According to the post, the upgrade will consist of two separate upgrades that must be executed in a specific order—Bellatrix and Paris.
This is it: The Merge is coming.
UPGRADE 👏YOUR 👏 CLIENTS! https://t.co/MO65IIdLXH
— Joseph Schweitzer | 🐼 (@JBSchweitzer) August 24, 2022
3. ETHEREUM BECOMES THE MOST ACTIVELY DEVELOPED CRYPTO
Amid a raging bear market and tons of FUD all around, some crypto projects are trudging ahead, seemingly untouched by the poor sentiments all around. They are quietly working away, developing their own networks. According to a recent report by Santiment, Ethereum (ETH) has ranked the highest among all projects out there, with the most development activity over the past month. In the same line, open-source blockchain Polkadot (DOT) ranks seconda while Kusama (KSM) ranks third. Hoskinson's Cardano (ADA) ranks fourth in the list.
Top 10 Projects by Development Activity in the last 30 days
— Ben GCrypto (@GCryptoBen) August 22, 2022
4. IMF REPORTS INCREASED CORRELATION BETWEEN CRYPTO AND ASIAN EQUITY MARKETS
In a recent blog post by a few researchers at the IMF, namely Anne-Marie Gulde-Wolf, deputy director of IMF’s Asia and Pacific Department, Nada Choueiri, the mission chief for India, and Tara Iyer, an economist in the global financial stability analysis division of the IMF’s Monetary and Financial Markets Department - there has been an increased correlation between crypto assets such as Bitcoin and Ethereum and Asian Equity markets, especially since the beginning of Covid-19.
Asia’s stock markets are moving more in sync with crypto prices, highlighting the need for regulators to better safeguard financial stability. See our latest #IMFBlog for more. https://t.co/95zZ5EjnIV pic.twitter.com/zlgGNfLER2
— IMF (@IMFNews) August 22, 2022
5. SHIBA INU RECORDS MAJOR SPIKE AS TOKEN BURNING INTENSIFIES
Amid bearishness all around, the second largest memecoin by market cap, Shiba Inu (SHIB) had risen over 9% on an intraday basis at one point and recorded its weekly high. This happened primarily thanks to a spike in the memecoin's token burn rate earlier this week, and also in the anticipation of the launch of Shibarium - which is a layer-2 blockchain to be launched by Shiba Inu. So far, nearly 110 million SHIB tokens have been burned over the past 24 hours, and 40% of the total SHIB supply has been burned to date, as per data from Shibburn.
TOP CRYPTO PRICES OVER THE WEEK
TOP CRYPTO GAINERS
|COIN||PRICE ($)||% CHANGE (7-DAY)|
TOP CRYPTO LOSERS
|COIN||PRICE ($)||% CHANGE (7-DAY)|
Prices as on 26th August, 2022.
Additional Read: Bitcoin Price above $21,000