After the minor recovery investors saw on 3 August, crypto prices today also managed to stage another slight recovery, touching $1.08 trillion mark according to CoinMarketCap, up nearly 1.85% in the past 24 hours. Bitcoin price remained lacklustre but a whole bunch of altcoins managed to gain significant amounts in the interim. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $66.19 billion, which makes a 11.79% decrease.
The total volume in DeFi is currently $6.14 billion, 9.28% of the total crypto market 24-hour volume. The volume of all stable coins is now $60.72 billion, which is 91.74% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Pretty much like 3 August, today’s rally also isn’t being led by Bitcoin prices. BTC prices have managed to break out of the $23,000 mark and is trading close to $23,100 – up about 1% in the past 24 hours. At the same time, the altcoin king, Ethereum too managed to gain about 2.3%, and is currently trading around $1650.
Taking a look at the top 15 cryptos by market cap, we can observe that aided by a positive sentiment in the market, many coins managed to show significant recoveries in the past 24 hours. Some of the biggest gainers in this list include Binance Coin (BNB) and Uniswap (UNI) which managed to gain upwards of 7-8%. Even XRP, Polygon (MATIC) and Solana (SOL) managed to gain about 2-3% each in this market.
On the other hand, if we were to expand the subset and look at the top 100 cryptos by market cap - we can see a few crypto prices that have managed to show incredible rallies. One of the most prominent ones include Optimism (OP) which has managed to gain another 28% in the past 24 hours, and has almost doubled in price over the past 7 days. Other major gainers from this include Lido DAO, which too has been rallying for several days now - and rallied over 18% in the past day. Even NEAR Protocol (NEAR), ApeCoin (APE) saw healthy rise in crypto prices too.
On the losers front, there aren't many today. Cronos (CRO) and privacy focused token Monero (XMR) are the only two major losers in the crypto market today. So this also works in favour of a day which will see reasonably positive price action today too.
Additional Read: Top Cryptos to watch this Week
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.08 trillion|
|Rise/Fall in crypto market cap||1.8%|
|Global DeFi TVL||$88.1 billion|
|Rise/Fall in DeFi TVL||1.6%|
TOP CRYPTO PRICES TODAY, 4th AUGUST, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|OPTIMISM (OP)||$2.1||₹167||24.2%||$487 MILLION|
|LIDO DAO (LDO)||$2.6||₹206||15.3%||$825 MILLION|
|APECOIN (APE)||$7.6||₹644.9||9.4%||$2.3 BILLION|
|NEAR PROTOCOL (NEAR)||$4.6||₹389||8.3%||$3.5 BILLION|
|FANTOM (FTM)||$0.36||₹29.9||8.5%||$817 MILLION|
|BINANCE COIN (BNB)||$305||₹24,894||6.2%||$49.3 BILLION|
|ENJIN COIN (ENJ)||$0.65||₹56.45||6.9%||$590 MILLION|
|UNISWAP (UNI)||$8.9||₹761.4||5.6%||$6.6 BILLION|
|QTUM (QTUM)||$4||₹337||1%||$408 MILLION|
|CRONOS (CRO)||$0.14||₹12.5||2.5%||$3.6 BILLION|
TOP CRYPTO NEWS
1. ETHEREUM NAME SERVICE DOMAIN REGISTRATION HITS NEW ATH
According to data from the ENS Domains, Ethereum Name Service domain ownership has surpassed 1.8 million names, with 378,000 new .eth registration in the month of July alone. This surge in the number of registrations comes as the Ethereum community prepares for the upcoming merge in the middle of September, which will switch the top blockchain for dapps, DAOs and NFTs from a proof-of-work consensus mechanism to the energy efficient proof-of-stake mechanism.
2. TOTAL NUMBER OF CARDANO WALLETS HITS NEW MILESTONE OF 3.5 MILLION
The Cardano blockchain network has witnessed significant growth over the past year and looks like it is going to continue this surge going forward ahead of the impending Vasil hard fork. One of the biggest indicators of that, is the number of wallets holding the network's native token - ADA. According to a report from Finbold, towards the end of December 2021 - the total number of wallets containing Cardano was at 2.5 million. Fast forward to today, it is standing a little over 3.5 million, using data from Cardano Blockchain Insights.
3. VECHAIN BASED PROJECT VECARBON PARTNERS WITH AWS
VeCarbon, a vendor of carbon accounting management services has reportedly partnered up with Amazon Web Services to bring about an enhancement in scalability, security and other features of its network. This comes as more and more countries are becoming committed to bringing about string carbon regulation policies and the management of such carbon credits becomes very essential.
GLOBAL CRYPTO MARKET OVERVIEW
After a few days of marginal weakness in crypto prices, the overall crypto market today managed to cover a small bit of the lost ground. It may be small, but all things considered it is still well within its region of safety so far. Crypto prices today have been quite positive. Thus going forward towards the end of this week and onto the next, we may see some strong recovery too and may even see a convincing breakout over the $1.1 trillion mark. Then the road would open up for the move till almost $1.2 trillion where crypto prices will tend to spend some time.
From a technical standpoint too, this resembles the continuation of an on-going rally after a small pause. This is basically the charting way of taking five steps ahead and taking two steps back. Prices are trading well above the 50-day moving average and with the Relative Strength Index just below 60 - both these indicators suggest that we may see some strong recovery going forward and will have some technical support too.
Additional Read: Impact on SOL Price after Solana Wallet Hack
Bitcoin prices today have been positive too and it has managed to breach into the $23,100 region. If we see a push upwards as we near the end of this week and probably even the next week, we may see Bitcoin prices breaching into the $25,000 region too - this is a crucial psychological level.
And even from a technical standpoint, the BTC prices are still well above the 50-day moving average (marked in cyan blue) and the trendline support (marked in dark blue). The Relative Strength Index is also reasonably stable around 55 and will support any upward move that will eventually come.
Additional Read: Bitcoin Price Prediction Weekly
CRYPTO MARKET: THE WEEK AHEAD
So after a weak beginning of the week, crypto prices have managed to see positive price action for the past two days and we can expect this to continue. Some amount of ups and downs are part and parcel of a healthy recovering sentiment and hence such a steady recovery will only promote positive sentiments for the next week.
Prices as of 4th August, 2022
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