- Top crypto tokens by market cap – Bitcoin price gained about 1.3%, trading over $21,500, Ethereum price at $1675, up about 3.6%
- Global crypto market cap has recovered about 1.4% in the past 24 hours, currently at about $1.04 trillion
- Top crypto news – Ethereum Merge confirmed for September, Ripple expands into UAE and a new Uniswap Foundation wins 99% votes in favour and to now become a reality
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.04 trillion|
|Rise/Fall in crypto market cap||1.4%|
|Global DeFi TVL||$62.03 billion|
|Rise/Fall in DeFi TVL||0.57%|
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market is seemingly trying to recover its lost ground after the devastating at the end of last week. However, it is pretty evident that it is facing strong selling pressures on the upside. The trendline support (marked in orange) has been holding on so far, over the past 4-5 days but prices still haven’t been able to breach the 50-day moving average (marked in cyan). It tried to break past it on 24 August, but failed to sustain above the line.
The Relative Strength Index for the overall crypto market cap has improved from around 41 yesterday to 43 today on 25 August, 2022. However, the markets are slightly fearful ahead of the Jackson Hole Symposium that is slated to begin today on 25 August and end on 27 August, 2022.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $4.70 billion, 7.19% of the total crypto market 24-hour volume. The volume of all stable coins is now $59.89 billion, which is 91.58% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $62.03 billion, up about 0.57% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
Bitcoin price action too has been in line with the overall crypto market cap so far. BTC price has been attempting to break out of the trendline resistance (marked in dark blue) at around $22,000 but has been unable to provide any definitive and convincing breakout so far. It is still dangerously below the 50-day moving average (marked in cyan) around $22,500 mark and quite far away from the critical accumulation zone (marked in grey) between $28,000 to $32,000.
As of now, Bitcoin price is slowly trudging upwards, fighting against the heavy selling pressures from all around. It is inching closer to the trendline resistance and a day of good breakout would surely provide the necessary stimulus to provide a strong breakout. The Relative Strength Index for BTC price has been improving over the past couple of days but is still quite low at around 40 as of writing this.
ETHEREUM PRICE TODAY
Ethereum has managed to once again gain more in terms of percentage than Bitcoin price, slowly eating into the king coin's market cap dominance. While Bitcoin managed to gain a little above 1%, Ethereum price managed to gain well above 3.5% in the same timeframe. Currently trading near $1675, ETH price well above its 50-day moving average and its trendline support at around $1200.
The trendline support is quite far away so nothing much to worry on that front either, but the 50-DMA is relatively closer and the fact that ETH price is able to hold on above that shows its optimistic strength ahead of the Ethereum Merge.
However, Ethereum price will be subject to broader market pressures and all eyes will remain on the Jackson Hole Symposium beginning today, US time. However, if we see positive news coming out of the meeting, ETH will definitely be one of the best recovery candidates.
Ripple (XRP) price recovered about 1.8% in the past 24-hours and is currently trading at around $0.34 - with a current market cap of $17.2 billion as of writing.
Solana (SOL) price recovered about 1.8% in the past 24-hours and is currently trading at around $35.5 - with a current market cap of $12.39 billion as of writing.
Dogecoin (DOGE) price recovered about 1.3% in the past 24-hours and is currently trading at around $0.0685 - with a current market cap of $9.08 billion as of writing.
Uniswap (UNI) price recovered about 2% in the past 24-hours and is currently trading at around $1.79 - with a current market cap of $5.28 billion as of writing.
ETHEREUM CLASSIC (ETC)
Ethereum Classic (ETC) price recovered about 7.6% in the past 24-hours and is currently trading at around $36.16 - with a current market cap of $4.9 billion as of writing.
TOP CRYPTO NEWS TODAY
1. 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
2. RIPPLE EXPANDS INTO ARAB'S SECOND LARGEST ECONOMY - UAE
In a rapid expansion streak, Ripple's remittance technology is expanding into the UAE as its investment partner, Tranglo, opened a new payment corridor into the second largest economy in the Arab region, United Arab Emirates.
UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy. #Tranglo #Fintech #CrossBorderPayment #Remittance https://t.co/C8VUxVkn1Y pic.twitter.com/WNvysmoC38
— Tranglo (@Tranglo) August 23, 2022
3. UNISWAP FOUNDATION SOON TO BECOME A REALITY WITH MAJORITY VOTE
According to a recent report, a $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has been passed with a staggering 99% votes in favour from UNI token holders. The proposal aimed to streamline the Uniswap Grant Program (UPG).
Last night our proposal to create the Uniswap Foundation passed its final vote!
— Devin Walsh (@devinawalsh) August 24, 2022
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|ETHEREUM CLASSIC (ETC)||$36.1||7.6%|
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|BITCOIN CASH (BCH)||$130.2||-1.2%|
|BITCOIN SV (BSV)||$55.2||-0.5%|
Prices as of 25th August, 2022
Additional Read: Bitcoin Price above $21000