Top Crypto Prices Today: Bitcoin Price below $20,000, Ethereum under $1600 & DOT & LINK up over 4%

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price up 0.4% near $19,900, Ethereum price close to $1580, up about 1.4%
2. Global crypto market cap down about 0.8% in past 24 hours, currently at about $980 billion
3. Top crypto news – Cardano Vasil Hard Fork date confirmed for 22 September, Cardano (ADA) market cap flips Ripple’s XRP ahead of Vasil Hard Fork and Solana to transition to Meta’s Move programming language.

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

The overall crypto market thus far has not been able to show any strong recovery on the charts. Ever since the crash leading up to Jerome Powell’s speech at the Jackson Hole Symposium, the market has only managed to hold its ground and nothing more. It is still trading right on the critical trendline resistance level (marked in orange), just inches from a breakout, but hasn’t been able to provide one so far, for almost a week now. However, on the bright side, it is a slightly positive sign too that bulls in the market are holding the fort pretty well so far, absorbing all the selling pressures coming their way.

But, what must be understood is that the current scenario is extremely susceptible to a breakdown. It is trading well below its 50 day moving average (marked in cyan), hardly holding on to the trendline resistance with a Relative Strength Index of 42. The overall market has stayed more or less devoid of bad news as such and hence we haven’t seen a major fall so far but it remains vulnerable to a crash. And it will remain so until we see convincing breakouts above the 50-DMA or the psychological level of $1 trillion.

Additional Read: Bitcoin Price Prediction Weekly

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $3.59 billion, 7.32% of the total crypto market 24-hour volume. The volume of all stable coins is now $45.74 billion, which is 93.28% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.2 billion, up about 0.16% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

Bitcoin price on the other hand has been on a downward slide. Over the weekend, BTC price has fallen below the critical psychological level of $20,000 and is trading between $19,800-$19,900 as of writing. This has brought Bitcoin very close to its lowest point of 2022 once again and would bring about severe selling pressures from all around. Along with that, Bitcoin's market cap dominance has also been shrinking, indicating investors are looking at other cryptos to invest in, especially Ethereum ahead of the highly anticipated Ethereum Merge.

On the technical front, BTC price is still well below its trendline resistance (marked in blue) but reasonably above its nearest trendline support (marked in black). It is also very far away from its 50 day moving average too, which almost coincides with the trendline resistance. And with a Relative Strength Index value stuck between 35-36, a major spike of recovery seems unlikely unless there's some good news in the market. So we can expect things to be tough for Bitcoin investors as of now.

As we have observed over the past couple of days, Ethereum price has been better able to hold its ground than Bitcoin and resist bearish shocks. This is primarily thanks to the incredible rally the second largest crypto by market cap saw from the beginning of July all the way into August, when it almost doubled in price. And since then Ethereum has fallen a bit thanks to the broader bearish sentiments but is still is trading not too far away from crucial supports and resistances and thus is a better recovery candidate going forward.

ETH price and its positive price action is mainly thanks to the highly anticipated Ethereum Merge which is set to go into effect between 10-20 September 2022, tentatively around 15th of September, 2022. ETH price is 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. So overall things seem well for Ethereum price for now.

Additional Read: Ethereum Price Prediction Weekly

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price lost about 1.3% in the past 24-hours and is currently trading at around $0.327 - with a current market cap of $16.2 billion as of writing.

POLKADOT (DOT)

Polkadot (DOT) price gained about 2.9% in the past 24-hours and is currently trading at around $7.54- with a current market cap of $8.56 billion as of writing.

DOGECOIN (DOGE)

Dogecoin (DOGE) price lost about 0.5% in the past 24-hours and is currently trading at around $0.0624 - with a current market cap of $8.26 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price lost about 0.5% 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.

UNISWAP (UNI)

Uniswap (UNI) price gained about 0.1% in the past 24-hours and is currently trading at around $6.38 - with a current market cap of $4.74 billion as of writing.

TOP CRYPTO NEWS TODAY

1. CARDANO'S VASIL HARD FORK CONFIRMED FOR 22 SEPTEMBER, 2022

Amid the Ethereum Merge expected to go into effect between 10-20 September, Cardano's Vasil hard fork upgrade is now scheduled to take place on its mainnet on 22 September, 2022, announced by IOG. Vasil is a major upgrade that is designed to increase Cardano's scaling capabilities and also reduce transaction costs. It had originally been scheduled for June release on a testnet but the mainnet hard fork is finally happening now.

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

Prices as of 5th September, 2022