The crypto market over the past 24 hours, and especially the past two days in fact has been quite weak. The overall crypto market cap which had broken out above the $1.1 trillion mark on Monday – 8 August, 2022 – has fallen back down again and is currently trading just shy of $1.08 trillion, down about 4.5% in the past 24 hours alone. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $68.86 billion, which makes a 12.64% decrease.
The total volume in DeFi is currently $7.49 billion, 10.87% of the total crypto market 24 hour volume. The volume of all stable coins is now $64.10 billion, which is 93.09% of the total crypto market 24 hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
So pretty much in line with the broader market price data, Bitcoin prices too have taken a hit. BTC prices are down about 3.7%, trading just shy of the $23,000 mark. However from the looks of it, a small jump back can put it back above the $23,000 mark, which has become a crucial level over the past two weeks for Bitcoin prices. It has lost significantly less than the broader crypto market cap, thanks to its capability to serve as a moderate hedge against downside.
Ethereum prices has also taken a significant hit, down about 5.7% in the past 24-hours and is trading just below $1700 as of writing this. This is quite a big loss, but nothing surprising as it is with most altcoin prices in the market, ETH prices tend to take a bigger hit than Bitcoin during minor correction – unless there’s some good news to support its prices.
Taking a look at the top 15 cryptos by market cap, excluding the stablecoins - all of these coin shave managed to shed quite a lot of value in the past 24 hours. Some of the biggest ones include Litecoin (LTC), Polkadot (DOT) and Polygon's MATIC prices which have lost over 6-7% as of writing. Considering how big the market cap for these coins are, quite a lot of investors might be feeling jittery from the value shedding occurring here.
Memecoins heavyweights Dogecoin (DOGE) prices and Shiba Inu (SHIB) prices have lost relatively less amounts, roughly about equivalent to Bitcoin's price loss, between 3.5-4%.
Apart from these, a few smaller altcoins managed to gain some amounts despite the overall intraday bearishness in the market. Some of these gainers include NEXO and XDC Network (XDC) - which managed to gain between 1-5% in the past 24 hours. But other than those, most other coins have managed to lose. Some of the biggest losers include Helium (HNT) and Celcius (CEL) - which has managed to lose in double digit figures in the past 24 hours as of writing - between 10-12%. Other losers include Curve DAO Token (CRV), Dash token (DASH), Consom (ATOM), Kusama (KSM) and many others which have lost between 7-10% in the past 24 hours.
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||-3.7%|
|Global DeFi TVL||$66.5 billion|
|Rise/Fall in DeFi TVL||-3%|
TOP CRYPTO PRICES TODAY, 10th AUGUST, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|FILECOIN (FIL)||$7.97||₹675||-8.5%||$2 BILLION|
|APECOIN (APE)||$6.7||₹580||-9%||$2 BILLION|
|CURVE DAO TOKEN (CRV)||$1.28||₹108||-9.1%||$676 MILLION|
|HELIUM (HNT)||$8.3||₹720||-9.8%||$1 BILLION|
|OASIS NETWORK (ROSE)||$0.09||₹8.5||-9.8%||$490 MILLION|
|KUSAMA (KSM)||$58.5||₹5100||-10.1%||$498 MILLION|
|COSMOS (ATOM)||$10.7||₹950||-10.5%||$3 BILLION|
|STEPN (GMT)||$0.92||₹84.8||-11%||$575 MILLION|
TOP CRYPTO NEWS
1. INSTITUTIONAL INFLOW INTO ETHEREUM CONTINUES FOR 7 CONSECUTIVE WEEKS
Major institutional investment is piling into the Ethereum network, primarily ETH based digital asset funds which have recorded seven consecutive weeks of positive inflows, according to a recent CoinShares report. These inflows reached $16.3 million last week alone, adding up to a total of $159 million in inflows in the past 7 weeks. This comes amid the news of Ethereum Merge happening later next month in September - when the second largest crypto by market cap will transition from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism.
2. JPMORGAN THINKS CRYPTO MARKET HAS 'FOUND A FLOOR'
Amid the recoveries in the overall crypto market over the past five weeks almost, banking giant JPMorgan has suggested that the crypto sector has 'found the floor'. In a note to all of its clients on 8 August, JPMorgan analyst Kenneth Worthington mentioned that he thinks that with the news of Ethereum's Merge which will see a transition from PoW to PoS - thus opening up a large number of possibilities.
3. TETHER (USDT) & CIRCLE (USDC) PLEDGE SUPPORT FOR ETHEREUM MERGE
In a major announcement by two of the largest stablecoin companies in the market - Tether and Circle both have announced that neither USDT nor USDC will be backed by reserves on a potential Ethereum Proof-of-Work fork. In their announcements, they also added a bunch of other things. Tether said the Merge shouldn’t be “weaponized” against the Ethereum community. While USDC's Circle stated that only a “single valid ‘version’” of USDC could possibly exist.
Additional Read: Ethereum Merge
GLOBAL CRYPTO MARKET OVERVIEW
CRYPTO MARKET: THE WEEK AHEAD
So concluding from the points above, we can agree that the market is slightly on the weaker side now. The price action playing out in the rest of the week will determine how the next week will be. If we see recovery above the crucial levels now, by the end of this week, then the coming week can be expected to be moderately bullish. But if we don't see such action, the coming weeks can tend to be on the weaker side and prone to pitfalls.
Prices as of 10th August, 2022
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