- Top crypto tokens by market cap – Bitcoin price is down 5.5% trading over $18,740, Ethereum price close to $1500, down about 8%
- Global crypto market cap down about 5.9% in past 24 hours, currently at about $935 billion
- Top crypto news – SHIB community burns 3.7 billion SHIB through the month of August, Solana based transactions touching all time highs and Bitcoin long term holders near all time highs!
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$935 billion|
|Rise/Fall in crypto market cap||-5.9%|
|Global DeFi TVL||$56.9 billion|
|Rise/Fall in DeFi TVL||-4.9%|
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market, up until yesterday had been slowly and gradually trying to edge upwards but all that effort was laid to waste after the crash in the market post the Bellatrix upgrade on Ethereum’s Beacon Chain – which was the last major upgrade ahead of the final and highly anticipated Ethereum Merge. The markets had been positively holding their ground but after the crash is firmly on its way back downwards, headed towards the lowest points of 2022.
From a technical standpoint, the overall crypto market cap is well below the crucial trendline support, which has now become a trendline resistance (marked in orange). Adding to that, we may see a further inflow of bearishness and selling pressures thanks to the Relative Strength Index currently at around 33.5. Presently, all technical indications point to renewed bearish sentiments across the board and we may see further losses being scripted going forward.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $6.88 billion, 7.90% of the total crypto market 24-hour volume. The volume of all stable coins is now $80.29 billion, which is 92.23% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $56.9 billion, down about 4.9% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
The crypto crash that we saw in the market yesterday, on 6 September, 2022, as expected has resulted in a major fall in Bitcoin price as well. The crash was primarily led by Ethereum post the Bellatrix upgrade that went live around 5pm IST, on 6 September. Post the crash, BTC price is now at the lowest point of 2022, trading well below $19,000 at close to 18,800. As you can see on the chart attached above, BTC price is trading right on the trendline support (marked in black), which also marks 2022 lows for Bitcoin.
Technically, things seem very dismal for Bitcoin price as of now thanks to the fact it is trading well below its 50 and 200 day moving averages and barely hanging on to its nearest trendline support. Even its Relative Strength Index is currently at 29.4 as of writing, quickly heading towards the extreme oversold zone on the graph. BTC is facing severe selling pressures and it would be very tough for the king coin to mount a recovery any time soon, unless a major positive news comes along.
Additional Read: Bitcoin Price Prediction Weekly
ETHEREUM PRICE TODAY
Ethereum, over the past 24 hours has surprised investors across the crypto space. So far, the altcoin king had been on a splendid run, outperforming most other top altcoin and even Bitcoin itself in terms of price performance. But that changed quickly after yesterday's Bellatrix upgrade. Things took a turn for the worse right after the upgrade when ETH price rapidly began falling and ended up losing almost 9% in a matter of a few hours. In real value terms, Ethereum lost about $16 billion in market capitalisation post the Bellatrix Upgrade.
On the charts, Ethereum is beginning to form a pretty worrying picture. Its current price action has resulted in the formation of a descending triangle pattern, a well known bearish chart indicator. If ETH price continues its current price pattern, we will see the descending triangle pattern play out and eventually will result in further loss of value of the top altcoin. Ethereum up until yesterday, on 6 September had been one of the top recovery candidates but now that scenario has changed and investors need to be more wary going forward.
Additional Read: Ethereum Price Prediction Weekly
Cardano (ADA) price lost about 7.6% in the past 24-hours and is currently trading at around $0.45 - with a current market cap of $15.6 billion as of writing.
Solana (SOL) price lost about 5.2% in the past 24-hours and is currently trading at around $30.9 - with a current market cap of $10.7 billion as of writing.
Dogecoin (DOGE) price lost about 7% in the past 24-hours and is currently trading at around $0.05877 - with a current market cap of $7.7 billion as of writing.
Avalanche (AVAX) price lost about 8% in the past 24-hours and is currently trading at around $18.3 - with a current market cap of $5.3 billion as of writing.
ETHEREUM CLASSIC (ETC)
Ethereum Classic (ETC) price lost about 16% in the past 24-hours and is currently trading at around $33.9 - with a current market cap of $4.6 billion as of writing.
TOP CRYPTO NEWS TODAY
1. SHIB COMMUNITY BURNED 3.7 BILLION SHIB THROUGH AUGUST 2022
Amid the raging crypto bear market the community behind the second largest memecoin by market capitalisation, Shiba Inu (SHIB) has burned over 3.7 billion SHIB tokens in the month of August alone. This was also a time when this particular coin saw a recovery in prices as well as number of holders of the token. According to Shibburn, the 3.7 billion SHIB tokens were destroyed over 528 transactions, which is a popular way of decreasing the circulating supply and boost scarcity and in effect increase the value of the asset.
— Shibburn (@shibburn) September 1, 2022
2. SOLANA BASED TRANSACTIONS TOUCHING RECORD HIGHS DESPITE POOR PRICE PERFORMANCE
Once termed as the 'Ethereum Killer', the Solana network has continued to record development as the blockchain takes on heavyweight rival platforms like Ethereum, that has also resulted in increase on-chain activity for SOL. This is happening at a time when the network is facing blockchain efficiency troubles and frequent network outages, but the platform appears to be undeterred. As of latest data from 6 September, total number of transaction was just a few million shy of touching the 100 million mark. Solana's biggest advantage over other rival platforms is its transaction speed, which currently is at about 2700 transactions per second and low gas fees for smart contracts.
Additional Read: Solana Price Prediction
3. BITCOIN LONG TERM HOLDERS NEAR ALL TIME HIGH
According to fresh data from crypto analytics firm Glassnode, Bitcoin long-term holder supply has surged up recently to near all time highs as these HODLers add more BTC to their holdings amid the dip. The current total balances of the long-term holders is only 30k away from the ATH.
Additional Read: Bitcoin Technical Analysis
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
**As of writing, there aren't any gainers out of the top 100 cryptos by market cap.
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|ETHEREUM CLASSIC (ETC)||$33.9||-16%|
|LIDO DAO (LDO)||$1.83||-15.8%|
|CURVE DAO (CRV)||$1.03||-13.5%|
Prices as of 7th September, 2022