- Top crypto tokens by market cap – Bitcoin price up 0.4% near $19,900, Ethereum price close to $1580, up about 1.4%
- Global crypto market cap down about 0.8% in past 24 hours, currently at about $980 billion
- 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 cap||$980 billion|
|Rise/Fall in crypto market cap||0.8%|
|Global DeFi TVL||$59.2 billion|
|Rise/Fall in DeFi TVL||0.16%|
GLOBAL CRYPTO MARKET OVERVIEW
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
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.
ETHEREUM PRICE TODAY
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
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) 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) 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) 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) price gained about 0.1% in the past 24-hours and is currently trading at around $6.38 - with a current market cap of $4.74 billion as of writing.
TOP CRYPTO NEWS TODAY
1. CARDANO'S VASIL HARD FORK CONFIRMED FOR 22 SEPTEMBER, 2022
Amid the Ethereum Merge expected to go into effect between 10-20 September, Cardano's Vasil hard fork upgrade is now scheduled to take place on its mainnet on 22 September, 2022, announced by IOG. Vasil is a major upgrade that is designed to increase Cardano's scaling capabilities and also reduce transaction costs. It had originally been scheduled for June release on a testnet but the mainnet hard fork is finally happening now.
VASIL UPGRADE: DATE CONFIRMED 💪
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. 🧵$ADA
— Input Output (@InputOutputHK) September 2, 2022
2. CARDANO FLIPS XRP ON THE M.CAP LISTS AHEAD OF THE FINALISED DATE FOR VASIL HARD FORK
Cardano's native token ADA has flipped Ripple's XRP token on the list of the most valued cryptos by market cap, thanks to the positive news released by Input Output (IOG) last week. ADA's 10% rally in prices and 30% spike in trading volumes has resulted in a optimistic rally that has put ADA's market capitalisation at $16.86 billion, ahead of XRP's $16.24 billion.
3. SOLANA HEADING TO INCORPORATE 'MOVE' PROGRAMMING LANGUAGE TO ITS PLATFORM
Solana despite its poor price action on the charts has seen a new development on its Github repository. Apparently, Solana developer team seems to have incorporated to the 'Move' language into its development strategy. Move is a programming language that is created by Facebook parent company, Meta, with the objecting to be the go-to programming language for Web3 developers.
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|THE SANDBOX (SAND)||$0.96||4%|
|INTERNET COMPUTER (ICP)||$6.6||2.9%|
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|AXIE INFINITY (AXS)||$14.17||-3%|
Prices as of 5th September, 2022