Crypto market price action in the past 24 hours has been quite dull. No major upward or downward moves playing out in the market so far. The overall crypto market cap gained marginally and is currently trading around $1.16 trillion, up a little more than 1% over the past day. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $63.66 billion, which makes a 16.30% decrease.
The total volume in DeFi is currently $5.09 billion, 7.99% of the total crypto market 24-hour volume. The volume of all stable coins is now $58.65 billion, which is 92.14% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Bitcoin price has managed to remain exactly where they were 24 hours ago. There was some correction seen in the latter half of yesterday but that was quickly recovered in the early hours of today to bring BTC prices back to status quo. Currently trading around $24,050, it is up about 0.1% from yesterday.
Ethereum price action however, has been slightly positive. Currently trading around $1920, it is up about 3% in the past 24 hours, bringing ETH prices back above another psychological region. If ETH prices are able to sustain and hold on to this level, we may see continued positive action, especially with the highly anticipated Ethereum Merge on the way later in September 2022.
Top Cryptos Today by Market Cap
Price action in the top 15 cryptos by market cap has also been slightly positive amongst some of the largest altcoins in the crypto market. The biggest gainer in this list includes Dogecoin (DOGE) price, which saw a massive 10% jump in the past 24 hours. This is becoming interesting, coming from the two largest memecoins in the market - both Shiba Inu and Dogecoin have been recovering steadily in the past couple of days. Even yesterday, which saw major cryptos in the red had both these memecoins managing to post gains despite bearishness around.
Other major gainers include the likes of Litecoin (LTC), Cardano (ADA) and XRP - all of which managed to gain between 4-7% in the past 24 hours.
Zooming out a bit, many coins out of the top 100 coins by CoinMarketCap posted significant gains in the past 24 hours too. EOS token saw a massive 29% rally in the past 24 hours. It was followed by the likes of Tezos (XTZ), and Dogecoin (DOGE) as mentioned earlier as some of the largest gainers. Other gainers include Quant (QNT), Bitcoin Cash (BCH) and several others.
A few tokens saw losses too, the biggest one being Chiliz (CHZ) which was the biggest gainer yesterday, on 16 August, 2022. Some of the other losers include Nexo, XDC Network, Convex Finance (CVX) and STEPN (GMT).
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.15 trillion|
|Rise/Fall in crypto market cap||0.43%|
|Global DeFi TVL||$66.3 billion|
|Rise/Fall in DeFi TVL||-1.8%|
TOP CRYPTO PRICES TODAY, 17TH AUGUST, 2022:
|CRYPTO COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|TEZOS (XTZ)||$2||₹170.2||11.3%||$1.8 BILLION|
|DOGECOIN (DOGE)||$0.087||₹7.38||11%||$11.5 BILLION|
|QUANT (QNT)||$121.6||₹9845||8%||$1.4 BILLION|
|LITECOIN (LTC)||$64.5||₹5220||6.6%||$4.5 BILLION|
|FILECOIN (FIL)||$8.86||₹740||7.2%||$2.2 BILLION|
|CHILIZ (CHZ)||$0.2||₹17.3||-1.2%||$1.2 BILLION|
|XDC NETWORK (XDC)||$0.034||₹2.08||-2%||$425 MILLION|
|CONVEX FINANCE (CVX)||$6.4||₹508.2||-2.45%||$426 MILLION|
TOP CRYPTO NEWS TODAY
1. GOOGLE INVESTS OVER $1.5 BILLION IN BLOCKCHAIN COMPANIES SINCE SEPTEMBER 2021
A fresh new report by Blockdata on 17 August, has shown Google's parent company, Alphabet has gone out to invest the most amount of capital into the blockchain industry when compared to any other publicly listed company - having invested about $1.5 billion between September 2021 to June 2022.
2. RIPPLE PARTNERS WITH JAPAN'S SBI REMIT TO ENABLE CROSS-BORDER REAL TIME PAYMENTS
In a fresh new partnership, Ripple Labs as joined hands with Japan's SBI Remit to use RippleNet Technology to enable instant money transfers between Japan & Thailand. This partnership also brings Thailand's Siam Commercial Bank (SCB) into the fold, according to their recent press release.
The APAC region is growing significantly in response to progressive #crypto regulation and innovation from companies like SBI Remit.
Learn how we're partnering with Japan's largest money transfer provider to enable instant remittance services. https://t.co/6ToxwSxcFN
— Ripple (@Ripple) August 16, 2022
3. CARDANO SEEING THE MOST POSITIVE SENTIMENT SINCE APRIL 2022
According to crypto analytic firm Santiment, Cardano has been seeing a surge in the positive sentiment across the board, especially when you take a look at its on-chain metrics, particularly the 'Ratio of Daily On-Chain Transaction Volume in Profit to Loss'. This is a metric that describes how much people are taking a profit versus the loss on the ADA token - and it has been at the highest levels since the final week of March and beginning of April.
📊 #Cardano sentiment is rather positive at the moment, and prices are +22% in the past 3 weeks. The ratio of on-chain transactions as profit taking vs. selling at a loss is at its highest level of profit taking since the final week of March. https://t.co/RfwCmR64gb pic.twitter.com/vsb3OdGskU
— Santiment (@santimentfeed) August 16, 2022
GLOBAL CRYPTO MARKET OVERVIEW
And with the Relative Strength Index ranging around 62, we could see added support for an upward move too. If we see a successful breach into the territory above $1.2 trillion, we will see the formation of a decently strong support zone and thus have a higher probability of not falling down again. Most of the bad news in the market has already been discounted in the prices and hence there's no major reason to cause a fall for the foreseeable future.
Bitcoin's price action has been very much in line with the overall crypto, but there is something interesting brewing in the king coin. Its market cap dominance for the first time in a very long time has dipped below 40%. The last time it had gone below 40% was back in January 2022. But today on 17 August, 2022 for the first time in nearly seven months, Bitcoin's market cap dominance has fallen to 39.8% and trending lower.
This indicates altcoins, primarily led by Ethereum are eating away at the giant market cap captured by the king coin and are quickly gaining stature. This becomes significant because even back in November 2021, when the market had its last all-time-highs, Bitcoin's market cap dominance was well over 45%. But now amid the recent recovery, Bitcoin touched sub-40% regions.
This indicates Bitcoin is probably losing out favour amongst investors as they have more confidence and a more risk-on attitude on smaller altcoins and want to invest in those altcoins.
CRYPTO MARKET: THE WEEK AHEAD
The week ahead for the crypto market now can be expected to continue to be moderately bullish. It will make higher highs and higher lows over a period of days and gradually trudge on upwards, and with seemingly Ethereum taking the lead in the rally this time around. So Ethereum investors have a lot to be excited about, especially with the upcoming Merge and the evident price appreciation that is happening ahead of the Ethereum Merge.
Prices as of 17th August, 2022
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