CoinDCX News, Crypto News Global

Top Crypto Prices Today: Bitcoin Price Trading Below $23,000, Ethereum Under $1700 Again

Top Crypto Prices Today: Bitcoin Price Trading Below $23,000, Ethereum Under $1700 Again

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 billion10.87% 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%
Bitcoin Price $22,950
Bitcoin Dominance 40.5%
Ethereum Price $1,670

TOP CRYPTO PRICES TODAY, 10th  AUGUST, 2022:

COIN PRICE ($) PRICE (INR) % CHANGE (24-HOUR) MARKET CAP
NEXO $0.82 5.2% $458 MILLION
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
DASH  $51.6 ₹4674 -9.1% $561 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

Total Crypto Market Cap | Source: Tradingview

The overall crypto market had been on a nice roll over the past three weeks almost, moving up in a steady fashion but the breakdown over the past two days has brought prices down below the upward trendline support (marked in dark blue). Currently, it is only marginally below that trendline so a jump back up above the line is still possible. But if prices aren't able to jump back up in the rest of the this week, we may see some weakness coming up in the weeks ahead.

The crypto market cap price trend is still above the 50-day moving average which provides some semblance of safety for the time being but if prices don't continue to go up slowly and steadily, by the mathematical formula of the moving average, we will see prices moving down again below the 50-DMA. The eventual objective here is the crossover of the 50-day moving average over the 200-day moving average which would confirm the end of the present down trend and signify a strong upward bias for prices going forward.

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin prices too have managed to fall below the higher high, higher low trendline support (marked in orange) which goes against a very bullish scenario. However, like the overall crypto market cap - we can see in BTC prices as well that it hasn't fallen too far below the support line. Thus, if we see some recovery in Bitcoin prices by the end of this week that puts it above the support line - we can expect to see a continuation of the steady bull run that was happening over the past three weeks.

To add to that, this small correction has given the Relative Strength Index some place to cool down to a large extent, currently near 51 mark. The last time it was around 51, prices were around $22,000 only - thus we can see some support in the upward move by the RSI. So there isn't anything we can do right now except watch the market and see how it reacts to the current scenario and builds on that. Once investors see a decisive move in any direction, they can take requisite steps to take advantage of the move.

Additional Read: Bitcoin Price Prediction Weekly

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


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

Share this Story

Check Also

Cardano Vasil Hard Fork Report Card: Has the Vasil Upgrade delivered as promised?

On the 22nd of September, the Cardano Vasil ...

GET ALL LATEST UPDATES ON YOUR EMAIL





    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download