Crypto Prices Today: Bitcoin Price sustains above $19,000, Ethereum over $1300 & other Top Altcoins in the Green!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up about 0.5% trading around $19,450, Ethereum price at about $1320, up about 1%.
2. Global crypto market cap is up about 0.8% in the past 24 hours, currently at about $945 billion.
3. Top Crypto News – Bitcoin whales accumulate over $1 billion in two weeks, Bitcoin price could hit six-figures in the next two years and Dubai’s Commercial Bank International opens up on Decentraland’s metaverse.

CRYPTO MARKET TODAY AT A GLANCE

CRYPTO MARKETS OVERVIEW

Total Crypto Market Cap | Source: Tradingview

The total crypto market cap over the weekend has managed to sustain its price levels. Crypto price has traded completely flat in the past two to three days, indicating some reduction in the selling pressures and a return of the bulls in the market. When crypto price manage to sustain its price levels in a market condition that is otherwise under a lot of bearish pressure, typically suggests some positivity is coming back. However, the overall crypto market cap is still below the $1 trillion psychological resistance level below which hardly anything major can happen. Unless we see a breakout over the $1 trillion mark, then we could see some strong bullishness returning.

Technically speaking, crypto price is quite some distance away from the lowest points of the year to date (YTD) and very close to breaking out of the 50 day moving average (marked in cyan) which also is running very closely in parallel to the $1 trillion mark mentioned above. If we see a breakout above both these levels, we could see some bullish vigour returning to the crypto market. However, the Relative Strength Index is still below the 50 mark which could prevent the breakout mentioned above. Thus things seem pretty dicey as of now.

Additional Read: Bitcoin Price Prediction

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $2.14 billion, 6.42% of the total crypto market 24-hour volume. The volume of all stable coins is now $30.41 billion, which is 91.29% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $54.9 billion, up about 0.2% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin price has been mirroring the overall crypto market cap price action to a very large extent. Last week between 3 to 7 October, Bitcoin price managed to scale nearly 6.5% before correcting slightly. BTC price, which had managed to recover a bit earlier last week is now back dangerously close to its nearest trendline support, which it had tested only a couple of weeks back (marked in black) and it also happens to be the YTD lows for BTC price so far.

Along with that, from a technical point of view, Bitcoin looks pretty weak as of now. Much like the overall crypto market cap, Bitcoin price is edging closer to the YTD lows and also its Relative Strength Index is back under the 50 mark, which would bring about significant selling pressures across the board. Thus Bitcoin for this week seems much weaker than it was last week and some positive news based recovery would be helpful for the king coin.

ETH/USD | Source: Tradingview

Ethereum price, after having taken a major beating over nearly a month has now begun to stabilise and hold on to its support levels. Ethereum price had lost a chunk of its market cap post the Merge and only now it has begun to show signs of stability. Despite that, Ethereum price is well below most of its crucial support levels. One of the best examples being, up until about a month and a half ago, ETH price was on the verge to undergoing a golden crossover, a crossover between the 50 and the 200 day moving average which is widely considered to be a very bullish indication. But that was cut halfway through post the Ethereum Merge as prices began to fall.

Technically speaking, ETH price is doing marginally better as of now than Bitcoin thanks to the fact that it is still quite some distance away from its YTD lows, unlike the king coin. This puts it in a better position to hold on to its gains and even make some gains as an when the overall crypto market receives some positive tailwinds. But what must also be kept in mind is that the Relative Strength Index is well below 50, currently running at about 42 as of writing which would act as a barrier for bullish price action in the immediate short term.

Additional Read: Ethereum Price Prediction

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price gained about 4.4% in the past 24-hours and is currently trading at around $0.5339 - with a current market cap of $26.6 billion as of writing.

SOLANA (SOL)

Solana (SOL) price gained about 1.7% in the past 24-hours and is currently trading at around $33.09 - with a current market cap of $11.9 billion as of writing.

DOGECOIN (DOGE)

Dogecoin (DOGE) price gained about 1.5% in the past 24-hours and is currently trading at around $0.0623 - with a current market cap of $8.2 billion as of writing.

POLKADOT (DOT)

Polkadot (DOT) price gained about 2.5% in the past 24-hours and is currently trading at around $6.47 - with a current market cap of $7.2 billion as of writing.

AVALANCHE (AVAX)

Avalanche (AVAX) price gained about 1.5% in the past 24-hours and is currently trading at around $17.01 - with a current market cap of $5 billion as of writing.

TOP CRYPTO NEWS TODAY

1. BITCOIN WHALES ACCUMULATE $1 BILLION WORTH OF BTC IN TWO WEEKS

In a major positive news for the king coin, Bitcoin whales have sustained their longest accumulation streak since May 2022, adding a total of 46,173 BTC (worth nearly $1 billion) to their holdings since 27 September, 2022. According to data from Santiment, such a market activity amongst BTC HODLers that hold between 100-10,000 BTC tokens has been a rarity in the current year. The analytics firm has also pointed out that the rise in BTC accumulation has coincided with a drop in USDT holdings.

2. THIS CHART INDICATES BITCOIN COULD HIT SIX-FIGURES IN THE NEXT 2 YEARS

As Bitcoin continues to consolidate and accumulate near the $20,000 level, it points to the direction that the king coin might be stabilizing amid the crypto market bear run that began early in 2022. And according to Blockchaincenter's rainbow price chart, indicates that the flagship token could potentially hit six-figure mark within the next two years is the long term historical price trend sustains.

Source: blockchaincenter.net

Additional Read: Bitcoin On Chain Metric Analysis

3. DUBAI'S COMMERCIAL BANK INTERNATIONAL BECOMES FIRST BANK TO ENTER THE METAVERSE

Dubai based retail & corporate bank - Commercial Bank International (CBI) has joined the metaverse party too. Becoming the first bank in UAE to do so, the bank has launched a metaverse location on Decentraland. CBI users can access the location in Decentraland through cbi.dcl.eth or use the Decentraland GPS coordinates of (63, -127). However, there are other websites through which users can access the digital space.

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOST TODAY

Prices as on 8th October 2022.