- Top crypto tokens by market cap – Bitcoin price is up about 0.8% trading over $21,700, Ethereum price close to $1720, down about 2%
- Global crypto market cap down about 0.4% in past 24 hours, currently at about $1.05 trillion
- Top crypto news – New report finds Cardano is the best performing Proof of Stake chain so far,
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.05 trillion|
|Rise/Fall in crypto market cap||-0.4%|
|Global DeFi TVL||$59.6 billion|
|Rise/Fall in DeFi TVL||-1.6%|
GLOBAL CRYPTO MARKET OVERVIEW
In a surprising turn of events since Friday, 9 September 2022 – the overall crypto market cap saw a major jump on the charts, a near 9% rally on an intraday basis which was practically led by the king coin, Bitcoin. Bitcoin had managed to pull of a major jump, explained more down below – pulling the rest of the market up with it. This has brought the overall crypto market cap up to a reasonably well off situation, from a technical point of view.
Firstly, the overall crypto market cap is now trading above the 50 day moving average and is sustaining on it. It has managed to jump up strongly from the trendline support (marked in orange), which indicates a return of inherent bullishness in the overall crypto market. It is still quite far away from its next region of resistance (marked in grey) but it could soon be attainable, if this momentum persists. Along with that, the Relative Strength Index has also recovered strongly above the 50 mark, which also points to a positivity on the charts, and an easing of selling pressures across the board. Bulls in the market will have more strength to move forward and upwards now.
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $5.35 billion, 7.09% of the total crypto market 24-hour volume. The volume of all stable coins is now $68.78 billion, which is 91.12% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.6 billion, down about 1.6% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
Bitcoin has been one of the strongest performers over the weekend. As mentioned earlier, Bitcoin price has practically led the rally in the past three days, and especially due to its positive price performance on Friday, 9 September. BTC price managed to rally over 9.5% on an intraday basis and eventually managed to rake in another 3% through the weekend, totalling at about 12-13% in total. This rally has also catapulted BTC price above the crucial psychological level of $20,000 and is strongly on its way to touch the $22,000 mark soon. Also, thanks to this rally, Bitcoin's market cap dominance has shot up from 37.8% to above 39.4% as of writing.
Along with those, it is also back to trading right on its 50 day moving average (marked in cyan), which is a very positive sign, since it has been able to achieve that price after almost three weeks below it. The 50-DMA also coincides with the upper trendline resistance for Bitcoin price, which it had managed to breach momentarily before falling again. But from the looks of it, it can very well breach past that level very soon. The Relative Strength Index for Bitcoin price is also well above 50 now, trading close to 57 as of writing, which also would bring about strong bullish buying action in king coin and further propel BTC price upwards. Hence overall, after many weeks of seeing a weak price action on Bitcoin, we are seeing some positive recovery playing out.
Additional Read: Bitcoin Price Prediction
ETHEREUM PRICE TODAY
Ethereum price on the other hand has been somewhat of a laggard in terms of price action. Thanks to Bitcoin's massive intraday rally on 9 September, ETH price managed to recovery too, but nothing significantly. Over 9-10 September, ETH price only managed to rally 10%. Considering how much it has been beating Bitcoin price in the recent past, this is relatively on the lower side. However, what must be noted is that the rally has resulted in ETH price breaking out of a bearish descending triangle pattern it had been forming in the past couple of days. That is a very positive sign.
the rally has also provided a strong and convincing breakout of the 50 day moving average in Ethereum price too. With this the 50 and 200-DMAs for the altcoin king are headed for a very bullish golden crossover on the charts. Typically golden crossovers result in sustained bullish price action for a reasonable duration and with the Ethereum Merge just three days away, that seems pretty likely.
Additional Read: Ethereum Price Prediction
Cardano (ADA) price lost about 1.3% in the past 24-hours and is currently trading at around $0.35 - with a current market cap of $17.2 billion as of writing.
Polkadot (DOT) price lost about 1% in the past 24-hours and is currently trading at around $7.65 - with a current market cap of $8.5 billion as of writing.
SHIBA INU (SHIB)
Shiba Inu (SHIB) price lost about 0.7% in the past 24-hours and is currently trading at around $0.00001289
- with a current market cap of $7.08 billion as of writing.
Avalanche (AVAX) price lost about 0.1% in the past 24-hours and is currently trading at around $20.3 - with a current market cap of $6 billion as of writing.
Cosmos (ATOM) price lost about 2.5% in the past 24-hours and is currently trading at around $15.3 - with a current market cap of $4.4 billion as of writing.
TOP CRYPTO NEWS TODAY
1. NEW REPORT SUGGESTS CARDANO OUTPERFORMS ALL CURRENT PoS CHAINS
A new report, taking a look at some of the most popular proof-of-stake (PoS) blockchains we have right now, namely Cardano (ADA), Polkadot (DOT) and Avalanche (AVAX) has found out something interesting. Cardano is the largest PoS blockchain amidst all of them. According to the report, Cardano has over 1.18 million staked wallets and a staking ratio of 72.63%, which represents a higher degree of decentralisation. This is against Polkadot and Avalanche which have 33.6k and 22.9k individual staked wallets, a far cry from Cardano's.
VCs and most of the crypto Twitter try their best not to talk about #Cardano
But if you look at the raw metrics,#Cardano is way ahead of other PoS chains
If you are curious to know more,
— Sooraj 🚢 (@Soorajksaju2) September 10, 2022
2. REPORT: WEB3 GAMES & METAVERSE PROJECTS RAISE $748 MILLION IN AUGUST
According to a report by DappRadar, a data acquisition and analysis company, Web3 games and Metaverse projects raised over $748 million since 1 August, 2022. Axie Infinity – one of the most popular games in the field has surpassed $4 billion in all-time NFT sales, while approximately 36,000 additional people joined as daily players in the past three months. Companies like Temasek, Xterio and others shelled out the $750 million to invest.
📜 Our much anticipated BGA report is here!
🔥 @AxieInfinity surpasses $4 billion in all-time NFT sales, while the game has attracted around 36,000 daily players on average during the last three months.
➡️ Read More: https://t.co/Osq1F99uuO
— DappRadar (@DappRadar) September 8, 2022
3. DEFI DAPP ACTIVITY RISES 3.7% IN AUGUST FOR THE FIRST TIME SINCE MAY 2022
DeFi dApps showed a significant recovery for the first time since May 2022. Measured from the daily average unique active wallets (UAWs) metric, which saw a 3.7% month-over-month rise, according to a report by DappRadar. A part of the rise was driven by the Flow protocol, which rose 577% UAW due to Instagram's support of NFTs and the game Solitaire Blitz. On the flip side, Solana UAW shrank by 53% in August from the previous month, while transactions dropped by 68%, the findings showed.
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|TERRA CLASSIC (LUNC)||$0.0004076||-10.1%|
|CURVE DAO (CRV)||$1.1||-4.9%|
Prices as of 12th September, 2022.
Additional Read: Bitcoin Price below $19000