Crypto Market Cap close to $1 trillion again, Bitcoin Price above $20,000, Ethereum gained upto 9%, & Top Crypto Prices in the Green!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price up 3.5% at $20,450, Ethereum price at $1570, up about 8.7%
2. Global crypto market cap up about 4.1% in past 24 hours, currently at about $993 billion
3. Top crypto news – Over 1 Billion ADA in Cardano Treasury Ahead of Vasil Hard Fork

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

After a significantly poor weekend and the new week started off on a very positive note. The overall crypto market cap has managed to gain a hefty 4.1% in the past 24-hours and nearly 6% from its lows from yesterday. That is a reasonably big jump in terms of intraday price action. This big jump has put the crypto market cap back above its crucial trendline support (marked in orange), much to the relief of crypto investors and traders all around. It is still well below the 50 day moving average but, its still on the road to recovery once again.

The Relative Strength Index for the crypto market cap has also significantly improved in the past 24 hours, going all the way from sub-35 levels to back above 42. If this recovery sustains, the RSI may successfully move above the 50 mark that would support further positive price action thereon. There has been sustained volumes across the board so far, despite the major dips, which suggest that the dips were probably bought into, in the larger perspective, which also indicates that traders and investors in the crypto space were moving back into a risk-on zone.

Additional Read: Ethereum Price Prediction Weekly

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $4.76 billion, 7.32% of the total crypto market 24-hour volume. The volume of all stable coins is now $59.37 billion, which is 91.23% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $59.55 billion, up about 2.7% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

In line with the broader market cap, Bitcoin price too has managed to show a healthy recovery. BTC price has managed to recover about 3.5% in the past 24 hours, going from sub-$20,000 levels to near $20,500 once again. $20,000 happens to be a crucial psychological support level for Bitcoin and hence it becomes crucial for the token to sustain above that for the time being. However, despite that, BTC price is still well below both immediate and important levels, which would serve has strict resistances - namely the 50 day moving average (marked in cyan) and the trendline resistance (marked in blue). Both of these are nearly coinciding between $22,000-$22,200 and that region can prove to be a tough level to breakout of for Bitcoin.

However, the recovery in the past 24 hours has brought some relief to investors. The Relative strength Index has recovered from sub-30 regions which it touched on 29 August, after the weekend bloodbath and then managed to reach almost 39 as of writing. While this level is still weak and there would be selling pressures on Bitcoin price, this is arguably better than the situation BTC price was in yesterday.

Additional Read: Bitcoin Price Prediction Weekly

Ethereum price has taken full advantage of the improvement in broader market sentiment to rally just a little less than 9% in the past 24 hours. That major hike in ETH prices had put it back quite close to its 50 day moving average on the charts and saved it from coming close to breaching its immediate supports. As mentioned before, indicates that Ethereum still has the strength on the charts to rally and is potentially one of the best recovery candidates when the bear market finally ends in the crypto space.

Currently trading back above the psychological mark of $1500, and close to $1600 as of writing, ETH price is working hard to recover all the ground it has lost in the past two weeks almost. It had managed to even touch the significant $2000 level in the middle of August, 2022 but then failed to sustain that even for a day. But with the Ethereum Merge firmly on the way, we can expect ETH to scale back up and even successfully breach the $2000 mark going forward.

OTHER ALTCOINS

BINANCE COIN (BNB)

Binance Coin (BNB) price recovered about 3.4% in the past 24-hours and is currently trading at around $289 - with a current market cap of $46.6 billion as of writing.

SOLANA (SOL)

SOLANA (SOL) price recovered about 7.4% in the past 24-hours and is currently trading at around $32.7 - with a current market cap of $11.45 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price recovered about 6.5% in the past 24-hours and is currently trading at around $0.83 - with a current market cap of $7 billion as of writing.

SHIBA INU (SHIB)

Shiba Inu (SHIB) price recovered about 5.5% in the past 24-hours and is currently trading at around $0.00001263 - with a current market cap of $6.93 billion as of writing.

ETHEREUM CLASSIC (ETC)

Ethereum Classic (ETC) price recovered about 9.2% in the past 24-hours and is currently trading at around $33.9 - with a current market cap of $4.63 billion as of writing.

TOP CRYPTO NEWS TODAY

1. OVER 1 BILLION ADA IN CARDANO TREASURY AHEAD OF VASIL HARD FORK

According to a recent tweet shared by Daniel Ribar of IOG's Project Catalyst's Community/Product Division, Cardano's treasury balance has now reached the billion ADA mark, worth about $437 million according to current exchange rates. The goal of the treasury is to provide funds to support Cardano's development through a voting system and the treasury, through a process, ensures that funds are always available whenever required.

Following the latest epoch boundary cross, #Cardano treasury now sits at ONE BILLION ada. 👀

— Daniel Ribar 🐣 Read CIP-1694 yet? (@danny_cryptofay) August 28, 2022

2. MASTERCARD TO LAUNCH BTC, ETH, ADA & XRP PAYMENTS FOR ITS USERS

Global payment services behemoth Mastercard is all set to partner with the global crypto exchange, Binance to launch a crypto payments card for its consumers. This comes amid the raging crypto bear market that began in the beginning of 2022. And with this move by Mastercard, widespread adoption of crypto is set to expand even further. The partnership between both firms will launch the cryptocurrency payments card, which will support a total of 14 cryptos.

3. BAYC FLIPS CRYPTO PUNKS IN ALL-TIME SALES RANKINGS

According to data from NFT news aggregator CryptoSlam, Bored Ape Yacht Club (BAYV) has seen its sales outperform other competing projects like the Mutant Ape Yacht Club (MAYC), Art Blocks, Otherdeed, VeeFriends, NBA Top Shot among many others. More importantly, BAYV's $2.4 billion in sales volumes has exceeded one of the most successful digital collectibles projects, CryptoPunks! This again comes amid a crypto bear market and decreasing NFT sales across the board.

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

**As of writing, there aren't any losers out of the top 100 cryptos by market cap other than XEC.

Prices as of 30th August, 2022

Additional Read: Bitcoin Nosedives Below $20,000