After a few days of weakness, the crypto market zoomed past the $1.1 trillion mark between 10-11 August, 2022 – thanks to extremely positive CPI inflation data from the United States. For the first time in several months, consumer price index (CPI) data from the US has seen a decline over a month on month period, instead of a rise, bringing the CPI down to 8.5% for the month of July. This bodes extremely well for risky assets which include cryptos and even equities – which is why even US indices saw rapid recoveries in yesterday’s trading session. The tech focused Nasdaq managed to close up about 2.8%, with S&P500 touching 2.3% while Dow Jones closed up about 1.6%. It looks like US Federal Reserve’s actions to increase interest rates to clamp down on scorching inflation might be working well!
On the crypto front, global crypto market cap also rallied nearly 7% in the past 24 hours, bringing the total up to about $1.16 trillion. According to CoinMarketCap, The total crypto market volume over the last 24 hours is $89.67 billion, which makes a 30.23% increase.
The total volume in DeFi is currently $8.78 billion, 9.80% of the total crypto market 24-hour volume. The volume of all stable coins is now $83.05 billion, which is 92.62% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
In line with the broader market cap, Bitcoin prices saw a major jump in prices too, over 7% and is currently trading well above $24,500. This puts the overall crypto market and BTC prices back in the safe zone after seeing some weakness on the charts in the past couple of days.
Ethereum prices also managed to showcase an incredible rally, up over 12% in the past 24 hours – and currently trading just shy of the $1900 mark. With ETH prices trudging ever so closer to the $2000 mark amid the recent rally in the crypto market, we are also seeing major follow-up recovery in most of the large altcoins as well, take a look.
A look at these top 15 cryptos by market cap gives a very clear indication how positively all of the largest altcoin prices in the market have reacted to the recent jump. Solana (SOL), Polkadot (DOT) and Uniswap (UNI) managed to gain the most in this list, managing to bring in double digit returns in the past 24 hours. The likes of memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also managed to gain almost 5% each respectively.
However, some other relatively smaller altcoins managed to record even bigger gains in the past 24 hours, like the Lido DAO Token (LDO) which managed to gain over 20% in this timeframe. Other major gainers include Aave, Synthetic (SNX), THORChain (RUNE) and VeChain (VET) managed to sustain well over double digit gains over the past day.
Consequently, as one would expect, none of the major cryptos out of the top 100 lost anything significant amid the this major rally - as of writing this article.
Additional Read: Top Cryptos to watch this Week
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $1.16 trillion |
| Rise/Fall in crypto market cap | 7% |
| Global DeFi TVL | $69.9 billion |
| Rise/Fall in DeFi TVL | 5% |
| Bitcoin Price | $24,500 |
| Bitcoin Dominance | 40.3% |
| Ethereum Price | $1,880 |
TOP CRYPTO PRICES TODAY, 11th AUGUST, 2022:
| COIN | PRICE ($) | PRICE (INR) | % CHANGE (24-HOUR) | MARKET CAP |
| LIDO DAO (LDO) | $2.7 | ₹214.5 | 20.8% | $878 MILLION |
| THORCHAIN (RUNE) | $3.1 | ₹255 | 17.3% | $1 BILLION |
| AAVE | $111.4 | ₹9,255.3 | 14.5% | $1.5 BILLION |
| GNOSIS (GNO) | $182 | ₹14,460 | 13.6% | $471 MILLION |
| COSMOS (ATOM) | $12.2 | ₹1,000 | 13.4% | $3.49 BILLION |
| ETHEREUM (ETH) | $1895 | ₹1,58,356 | 13.1% | $231 BILLION |
| SYNTHETIC (SNX) | $4.2 | ₹350 | 13.1% | $490 MILLION |
| CONVEX FINANCE (CVX) | $7.8 | ₹619.7 | 12.5% | $520 MILLION |
| NEXO | $0.91 | ₹72.3 | 12.2% | $513 MILLION |
| COMPOUND | $65.9 | ₹5548.6 | 11.6% | $476 MILLION |
TOP CRYPTO NEWS
1. ETHEREUM MERGE ANOTHER STEP CLOSE WITH THE SUCCESSFUL GOERLI TESTNET MERGE
In a major positive news for the largest altcoin by market cap, Ethereum's Merge is now another step closer to fruition. With the successful Goerli testnet merge - we can expect the final Ethereum mainnet Merge to be on time late next month in September. This is because Goerli was the final testnet merge that was pending to happen and with this out of the way, the actual mainnet Merge is well on its way to be executed, fully transitioning the Ethereum network from PoW to PoS.
Additional Read: Ethereum Merge
2. POLYGON TOUCHES NEW RECORD IN NUMBER OF DAPPS ON ITS NETWORK
In a major positive development for the Polygon - the network has reported a major rise in the number of dApps running on its network. The number of decentralised apps running on the Ethereum scaling platform has crossed 37,000, marking a staggering 400% increase since the start of 2022.
37k+ dApps are built #onPolygon, according to the latest data from @AlchemyPlatform, the world’s leading #Web3 developer platform.
That’s almost 2x the number in March and a 4x jump since the start of the year.
Read more👇 https://t.co/HfNLTv0ct2 https://t.co/Xy7tT4grRM
— Polygon (@0xPolygon) August 10, 2022
3. RIPPLE INTERESTED IN ACQUIRING CELSIUS' ASSETS
According to a report by Reuters, San Francisco based blockchain payment company Ripple Labs Inc has expressed an interest in purchasing the assets of the bankrupt crypto lender Celsius Network. Celsius Network filed for Chapter 11 bankruptcy back on 14 July, 2022 amid severe financial difficulties. It became one of the most prominent victims of the recent bear market since the beginning of 2022.
GLOBAL CRYPTO MARKET OVERVIEW
Total Crypto Market Cap | Source: Tradingview
As mentioned earlier, extremely positive inflation data from the US for the month of July has triggered a major recovery in all 'risky' assets across the world - including cryptos - and that is pretty evident from the chart too. Currently trading up almost 7% since yesterday - the crypto market cap has managed to sustain to the higher high, higher low chart pattern (indicated by the dark blue line). This is an extremely bullish sign for the market and as is evident from the chart, it is just inches away from the critical accumulation zone between $1.18 trillion and $1.32 trillion (marked in grey).
If if able to break into that zone, $1.8-2 trillion mark would become a crucial zone of support for the overall crypto market. The Relative Strength Index is trading slightly on the higher side at around 66, but nothing to be worried about either. The RSI can support a bit more rally in the market until it reaches about 80 which would signify an overbought zone and would warrant a price correction thereon. But until that happens, the rally can be expected to continue, especially due to the newfound positive sentiment from the reduction in CPI data from the US.
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
After giving investors a few days of worry, Bitcoin prices have managed to jump up on the back of positive CPI inflation data from the United States. BTC prices are back in the relatively safe zone as markets begin to creep back up slowly, yet steadily. Currently trading well over the $24,500 mark, BTC price is very close to giving a successful breakout of its recent highs. Once it is able to do that, the sky is wide open for Bitcoin. Then the next logical barrier for Bitcoin prices would end up somewhere around $28,000, just at the beginning of the accumulation zone (marked in grey).
For Bitcoin, the Relative Strength Index is still at a reasonably comfortable situation to support a continued rally going forward, as of writing this article. Thus overall, we can say whatever nervousness that investors were having over the past couple days regarding Bitcoin prices can be laid to rest and seem like the recovery in BTC is back on track.
Additional Read: Bitcoin Price Prediction Weekly
CRYPTO MARKET: THE WEEK AHEAD
Now, changing track from yesterday - thanks to the major jump post the CPI announcement - we can expect the market to resume its upward journey after a minor period of profit booking and also accumulation. It was a great buy-the-dip opportunity that was presented to investors in the past couple of days but now that window has closed for the moment and we can expect them to ride the rally that is going to come. Bitcoin has a long way to go before it meets with any trendline resistance and hence we can expect the broader market to recover along the same lines in the rest of the week and even the next week too.
Prices as of 11th August, 2022
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