- Top crypto tokens by market cap – Bitcoin price up 0.5% at $20,200, Ethereum price close to $1600, up about 2.6%
- Global crypto market cap down about 1.3% in past 24 hours, currently at about $990 billion
- Top crypto news – Bitcoin whale addresses spike to 6-month high, NFT marketplace OpenSea announces support for Ethereum Merge and shifting completely to PoS and California state assembly passes a law to license and regulate crypto firms.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$990 billion|
|Rise/Fall in crypto market cap||1.3%|
|Global DeFi TVL||$59.24 billion|
|Rise/Fall in DeFi TVL||-0.48%|
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market cap is seemingly trying to get back up on its feet after a devastating two weeks before. This week has been on the stronger side, in terms of price action and breaking out over crucial levels. The total crypto market cap has managed to marginally breach the trendline resistance (marked in orange) on the charts after much effort. This is a very critical level of resistance that had held its own thrice in the past and even served as a strong support once in the past, every since the crash of May 2022.
It is still however reasonably farther away from the 50 day moving average which it would need to breach to ensure some reduction in the bearish selling pressures. But that does seem a little difficult with the Relative Strength Index being down near 42. That is a RSI value which is on the lower side and would indicate more people are willing to go short than go long. An eventual breakout over 50 on the RSI scale, along with a breakout over the 50-DMA in the coming week or two would provide some of the necessary stimulus for a recovery going forward.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $5.58 billion, 8.90% of the total crypto market 24-hour volume. The volume of all stable coins is now $57.20 billion, which is 91.29% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.24 billion, down about 0.5% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
Bitcoin price however has been on the poorer side as compared to the overall crypto market cap. Bitcoin only managed to gain half a percent while the overall market gained more than 1.3%. It is first evidenced by the fact that Bitcoin is steadily losing its market cap dominance, which is currently at around 39%, indicating how crypto market participants are choosing to move from the king coin into other cryptos which have more utility value. And to add to that, we can also see BTC price performing much poorer than most of the other heavyweight cryptos in the market.
On the technical front, BTC price portrays a similar story too. It is still well below its trendline resistance (marked in blue) but reasonably above its nearest trendline support (marked in black) - which also happens to be BTC's lowest point of 2022. It is quite far away from the 50 day moving average too, which almost coincides with the trendline resistance. And with a Relative Strength Index value stuck around 35-36, a major spike of recovery seems unlikely unless there's some good news in the market. So overall things seem pretty dismal as of now.
Additional Read: Bitcoin Price Prediction Weekly
ETHEREUM PRICE TODAY
Ethereum on the other hand, and as mentioned earlier also - has been more resistant to bearish shocks in the market. ETH price loses during those crashes but makes one of the quickest recoveries right after too, when the FUD dies down. Ethereum is quickly eating into Bitcoin's market cap dominance, thanks to the highly anticipated upcoming Ethereum Merge that is set to happen in less than three weeks and the excitement around it.
ETH price on the charts have been responding well to the overall attempts to recover this week too. The start of this week saw Ethereum making near double digit gains on an intraday basis but so far today has been moderate with gains a little over 2%. Currently trading well over its near psychological support level of $1500, and is very close to breaching $1600 mark. So Ethereum price can be expected to recover a lot more lost ground once a bit more positivity sets into the market. In Ethereum's case, the 50-DMA and the 200-DMA is slowly, but surely headed towards a golden crossover, which indicates a very bullish price pattern. So a sustained rally over the next week or two would result in this golden crossover.
Additional Read: Ethereum Price Prediction Weekly
BINANCE COIN (BNB)
Binance Coin (BNB) price lost about 0.3% in the past 24-hours and is currently trading at around $277.9 - with a current market cap of $44.8 billion as of writing.
SOLANA (SOL) price gained about 0.6% in the past 24-hours and is currently trading at around $31.58 - with a current market cap of $11 billion as of writing.
Dogecoin (DOGE) price gained about 1.95% in the past 24-hours and is currently trading at around $0.0622 - with a current market cap of $8.25 billion as of writing.
Polygon (MATIC) price gained about 4.5% in the past 24-hours and is currently trading at around $0.88 - with a current market cap of $7.64 billion as of writing.
Litecoin (LTC) price gained about 3.7% in the past 24-hours and is currently trading at around $57.05 - with a current market cap of $3.9 billion as of writing.
TOP CRYPTO NEWS TODAY
1. BITCOIN WHALE ADDRESSES SURGE TO 6-MONTH HIGH
Despite bearish sentiments in the top flagship crypto token, Bitcoin whales are seemingly accumulating more and more of BTC amid the price dip. According to crypto analytics platform Santiment, the accumulation trend of BTC whale addresses (holding 100 to 10,000 coins) saw a sharp increase over the past 30 days. The chart indicated a rise of up to 103 more whale addresses within that time to a total of 15,847 as of latest data.
2. NFT MARKETPLACE OPENSEA OPTS FOR PROOF-OF-STAKE AHEAD OF ETHEREUM MERGE
According to an official tweet by the top NFT marketplace, OpenSea will support the proof-of-stake Ethereum chain once the highly anticipated Ethereum Merge will come to pass. It also spoke about potential Ethereum PoW forks that may try to launch alternative chains, and mentioned that existing non-fungible tokens on the Ethereum PoW mechanism will no longer be supported or reflected in OpenSea’s marketplace.
2/ First, and most importantly, we are committed to solely supporting NFTs on the upgraded Ethereum PoS chain.
— OpenSea (@opensea) August 31, 2022
3. CALIFORNIA STATE ASSEMBLY PASSES BILL TO LICENSING & REGULATING CRYPTO FIRMS
The California State Assembly has passed the Digital Financial Assets Law, also referred to as AB 2269. It is now yet to be signed by the state's governor, Gavin Newsom, who will either sign it and set it into motion or veto it completely. The bill details that digital asset exchanges and crypto companies need to have an operating license given by the state of California's Department of Financial Protection & Innovation and any operation without that license will be illegal. It is set to come into effect on or after 1 January, 2025, after the governor signs his approval.
TOP CRYPTO GAINERS TODAY
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TOP CRYPTO LOSERS TODAY
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Prices as of 2nd September, 2022
Additional Read: Bitcoin Price above $21000