Unlike the previous week, the start of the second week of August has happened on a rather positive note. With major positive crypto price action over the weekend, global crypto market cap is back at $1.1 trillion, up nearly 2% from Friday, 5 August, 2022. This is a significant rise, that has largely been fuelled by altcoin price rallies in the past two days. We’ll get into that in a bit. The total crypto market volume over the last 24 hours is $42.43 billion, which makes a 3.29% decrease.
The total volume in DeFi is currently $4.96 billion, 11.70% of the total crypto market 24-hour volume. The volume of all stable coins is now $38.29 billion, which is 90.25% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Bitcoin prices however over the same duration has managed to only gain about 1.5%, going from $23,100 on the morning of 5 August to about $23,450 as of writing this. This is why it can be concluded that the broader market rally was strongly supported by positive altcoin price action. Also thanks to this Bitcoin has also lost a bit of market cap dominance too, and is currently around 40.3%. This becomes more evident as we look at price action of the largest altcoin in the market – Ethereum. Over the weened, Ethereum prices have managed to recover over 3.5% and is currently trading above $1700.
As is evident from the chart above, many of the largest top cryptos also managed to see some good positive action over the past 24 hours alone. Solana (SOL) and Avalanche (AVAX) managed to gain the most while some of the others like Binance Coin (BNB), Cardano (ADA) and Polkadot (DOT) also managed to gain quite a lot of lost ground too. This also shows to go how during phases of recovery, relatively smaller altcoins can mange to give better returns.
Some major performers over the weekend from the altcoin space include FLOW and Loopring (LRC) which have managed to score double digit gains over the past 24 hours ago. Other major crypto prices that saw recoveries include PancakeSwap (CAKE), Chainlink (LINK) and Cosmos (ATOM) - which have respectively rallied 8.5%, 8.3% and 7.6% respectively. Not so surprisingly, even the heavyweight memecoins - namely Dogecoin (DOGE) and Shiba Inu (SHIB) managed to gain 2.8% and 5% over the weekend respectively.
A few altcoins managed to lose significantly too, despite the positivity over the weekend. Some of the crypto prices that saw losses include Decred (DCR), Lido DAO (LDO), Optimism (OP) and popular DeFi protocol token Compount (COMP).
Additional Read: AVAX Price Prediction
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.1 trillion|
|Rise/Fall in crypto market cap||2% (Sat-Sun)|
|Global DeFi TVL||$68.3 billion|
|Rise/Fall in DeFi TVL||-1% (Sat-Sun)|
TOP CRYPTO PRICES TODAY, 8th AUGUST, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|THORCHAIN (RUNE)||$2.95||₹241||10.7%||$974 MILLION|
|PANCAKESWAP (CAKE)||$4.56||₹373||10.6%||$677 MILLION|
|CHAINLINK (LINK)||$8.5||₹700||9.5%||$3.9 BILLION|
|AVALANCHE (AVAX)||$28.4||₹2330||8.7%||$8 BILLION|
|LOOPRING (LRC)||$0.48||₹40.3||8.3%||$644 MILLION|
|LIDO DAO (LDO)||$2.5||₹198.9||-1.8%||$782 MILLION|
|KUSAMA (KSM)||$65.8||₹5500||-2%||$557 MILLION|
|DECRED (DCR)||$37.1||₹2953||-8.4%||$529 MILLION|
TOP CRYPTO NEWS
1. CARDANO'S ON-CHAIN ACTIVITY SEES MASSIVE HIKE IN YTD
In a recent research paper by Kraken Intelligence has reported a massive rally in on-chain volumes for Cardano, popularly known for being the 'third generation of crypto'. According to the report, 'ADA on-chain activity continued its tear in volume with a +268% rise YTD and +16% MoM'. It has also mentioned that its not just one development that is pushing it up but rather a series of developments across the board - from the launch of its DeFi exchange - SundaeSwap to its first metaverse gaming application, Pavia.
Additional Read: Cardano Vasil Hard Fork
2. APECOIN NOW SUPPORTED BY BITPAY
After being recently picked up by Gucci and Tag Heuer as an accepted form of payment across their boutiques in the United States - the newest and the biggest kid on the block has now added another feather to its cap. BitPay, one of the leading crypto payment processor, has announced that it now supports the ApeCoin (APE) crypto for payments on its platform.
3. CHAINLINK TO NOW LAUNCH STAKING FEATURE FOR HOLDERS
Chainlink, one of the top decentralised oracle network in the space, that powers most of the popular DeFi applications through its data delivery is now planning to launch a token staking and node delegation system. This is sparking interest in existing as well as new investors because these new updates to the network could bring about more security and make it more decentralised going forward.
GLOBAL CRYPTO MARKET OVERVIEW
After a topsy-turvy past week, the second week of August has managed to start on a very positive note. As mentioned earlier, the overall crypto market cap managed to touch the $1.1 trillion mark again, according to CoinMarketCap - and has finally formed a reasonably strong bullish trenline on the charts (marked in blue). It has managed to sustain above the horizontal trendline support (marked in orange) - and is also sustaining above the diagonal trendline support (marked in blue).
This is a typical higher high, higher low price action that suggests strong underlying bullishness on the charts as of the present moment. If it is able to sustain, it would bode really for the week ahead and maybe a couple of weeks ahead too. Prices are also well above the 50-day moving average and inching ever so closer to the accumulation zone between $1.16 trillion to $1.32 trillion. That would be a zone that investors would need to watch out for and track closely.
Hence, it seems like it will be able to hold on to that level and over the next week or two be able to breach into the accumulation zone (marked in grey). This zone would probably keep prices within that range for a while before providing a breakout. The Relative Strength Index is rising, but still in a comfortable area to support an upward move going forward for the next week or two.
Bitcoin prices have also been mimicking the global market cap in terms of chart patterns and have formed a higher high, higher lows price action. So Bitcoin has been giving decent amount of returns in terms of percentages, however not as much as even its closest competitor - Ethereum. But that isn't that much of a worry since Bitcoin prices tend to move slower than the rest of the market however.
The Relative Strength Index is too at a comfortable position, just shy of the 57 mark. The $28,000-32,000 level for Bitcoin would be a region of resistance but that is still far away and investors probably don't need to be too worried about it yet.
Additional Read: Bitcoin Price Prediction
CRYPTO MARKET: THE WEEK AHEAD
In conclusion, the week ahead can be expected to be quite positive thanks to reasonably bullish sentiments across all major coins. The overall crypto market has managed to sustain well over the $1 trillion mark, and as long as it is above that, there isn't anything much to worry about either. With the two of the largest crypto prices - Bitcoin and Ethereum are over $23,300 and $1700 respectively, and are well on their path to recovery.
Prices as of 8th 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.