The weakness in the crypto market seems to be slowing down as the global crypto market cap managed to gain 0.85% in the past 24 hours. Many cryptos have registered gains in this timeframe and yesterday, the market had managed to break down below the crucial support level of $950 billion mark momentarily before recovering once again. According to CoinMarketCap, It is currently around $980 billion, with the total crypto market volume over the last 24 hours coming in around $60.88 billion, marking a 20.79% decrease.
The total volume in DeFi is currently $5.37 billion, 8.82% of the total crypto market 24-hour volume. The volume of all stable coins is now $58.08 billion, which is 95.41% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
In line with the broader market, Bitcoin too has gained by around 0.5% and is currently trading above $21,200. Over the past 24 hours, Bitcoin had briefly touched a low of $20,700 before managing to recover back above $21,000. The altcoin king, Ethereum also managed to gain about 1.6% despite the fall in Bitcoin and is currently trading around $1450.
A certain amount of fear, uncertainty and doubt still persists ahead of the US’ Fed meeting to decide the interest rates which is set to happen on Thursday – 28 July, 2022. Investors from all asset classes, including cryptos have their eyes on the meeting and the results that will come out of it. The United States is facing staggering inflation numbers and a possible continued trend of rate hikes could ensue, resulting in weakness across asset classes.
Check out latest Ethereum INR Price , Chart, and Data.
Despite the slight weakness in the heavyweights, a bunch of relatively smaller cryptos managed to make some gains over the past 24 hours. Thanks to Ethereum’s positivity, Ethereum Classic also managed to gain over 13%, currently trading at $26.7. Along with ETC, privacy focused coin Monero (XMR) managed to gain 7%, Quant (QNT) and Qtum (QTUM) also gained over 6%. Another major heavyweight altcoin, Binance Coin also managed to show some positivity, gaining over 4.2% in the interim.
A bunch of other coins on the other hand continued to have weakness on their charts. Convex Finance continued its losing streak for the second consecutive day, having lost over 10% yesterday and now lost another 3.5%, becoming one of the biggest losers in the past 24 hours. Some of the other major losers in the past day are Uniswap (UNI), ApeCoin (APE) and Stacks (STX).
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$980 billion|
|Rise/Fall in crypto market cap||0.85%|
|Global DeFi TVL||$83.1 billion|
|Rise/Fall in DeFi TVL||0.5%|
TOP CRYPTO PRICES TODAY, 27TH JULY, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|ETHEREUM CLASSIC (ETC)||$26.7||₹2050||13%||$3.6 BILLION|
|QUANT (QNT)||$95||₹7700||9%||$1.1 BILLION|
|LIDO DAO (LDO)||$1.5||₹120||7.45%||$451 MILLION|
|MONERO (XMR)||$152||₹12,870||6.5%||$2.7 BILLION|
|INTERNET COMPUTER (ICP)||$6.5||₹547||5.5%||$1.6 BILLION|
|BINANCE COIN (BNB)||$254||₹21,100||4.2%||$41 BILLION|
|MAKER (MKR)||$922||₹76,000||4%||$901 MILLION|
|SYNTHETIX (SNX)||$3||₹255||-2.3%||$342 MILLION|
|CONVEX FINANCE (CVX)||$6.3||₹511||-3.4%||$410 MILLION|
|NEXO (NEXO)||$0.6||₹48||-3.8%||$361 MILLION|
TOP CRYPTO NEWS TODAY
1. CARDANO (ADA) ENTERS BNB WHALES’ TOP HOLDINGS
Ahead of the highly anticipated Vasil Hard Fork on the Cardano network, ADA has become one of the top 10 holdings of whales in the BNB chain (Binance Smart Chain). These large investors seem to be betting big on the crypto ahead of the hard fork. So according to data shared by whale monitoring service WhaleStats, Cardano recently became a top 10 holdings for the 2,000 largest whales on the BNB Chain.
Peep the top 100 whales here: https://t.co/gGAxYJttsD
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) July 24, 2022
2. BITCOIN NUPL ENTERS POSITIVE TERRITORY
NUPL, or the Net Unrealised Profit & Loss – is an indicator which measures how many investors of a particular asset are in profits and how many are in losses. If this indicator is positive, that means more investors are seeing green on their books, while a negative value signifies losses. Historically, market cycle tops have been reached above or close to 0.75 (blue), while bottoms have been reached below 0 (red).
So, on 13 June, this NUPL became negative for the first time since March 2020, the beginning of the covid-19 pandemic. But now, towards the end of July, it has managed to pull through into the positive territory, suggesting a lot of dollar cost averaging that happened at the market bottom.
3. US BILL PROPOSES TRANSACTIONS UNDER $50, TAX FREE
As debates rage on in the United States over the regulatory framework for the crypto sector, two senators are now seeking to exempt crypto investors from paying taxes on transactions below $50. Senator Patrick Toomey for Pennsylvania and Arizona Senator Kyrsten Sinema have introduced a bill in Congress that will prevent Americans from reporting crypto transactions that earn less than $50.
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market cap managed to maintain its status quo over the past 24 hours, trading right on the critical support line of $950 billion mark, which also coincides with the 50-day moving average. While, the situation is slightly wobbly at present, the fact that those two lines are able to provide some support is, in a way, positive. We can expect the market pass some time around this zone as the bulls try to absorb the selling pressures to maintain their position.
The Relative Strength Index also is at a reasonably comfortable place to support any upward action that may ensue from here on. The market is just waiting for an announcement from the US Federal Reserve about the update in interest rates and to reach to that. A hawkish announcement is expected by the market so a rise in interest rates within a certain amount may already be discounted by the market. But if the rate hike happens beyond an expected number, all investment classes can be expected to take a major hit.
BITCOIN PRICE TODAY
Bitcoin’s price action on the charts have been quite similar to that of the broader crypto market cap, but with one small difference. For Bitcoin, the current market price has fallen below the critical support level and the coinciding 50-day moving average line. What that means is that Bitcoin is currently facing heavy selling pressures from the bears in the market and is unable to pull itself back up.
The Relative Strength Index has also fallen down to 45, which isn’t too bad but isn’t great either. It wouldn’t be able to support any upward move immediately and could give way to a downward move, if any going forward. This current week has been tough on the king coin and seems like we may see more weakness. Thankfully though, many other altcoins are breaking out of their heavy correlation with Bitcoin thus will be able to support the broader market and even eat into Bitcoin’s market dominance.
CRYPTO MARKET: THE WEEK AHEAD
Looking at the past three days, we can conclude that the market has somewhat lost the strength it had managed to gain over the past two weeks. The way it had been able to bounce back from the bottom to break through its initial resistance levels and flipped the short term resistance into a support – that has begun weakening. Understandably, this could be a reaction to the FUD around the Fed meeting slated for 28 July and if things go well, we can expect some bounce back from the current levels.