Top Crypto Prices Today: Bitcoin Price below $19,000, Ethereum at $1300, Cosmos (ATOM) & ApeCoin (APE) Gain BIG!!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down about 0.7% trading around $19,000, Ethereum price close to $1300, down about 1.7%.
2. Global crypto market cap is down about 1.1% in the past 24 hours, currently at about $925 billion.
3. Top crypto news – Ethereum records a 98% drop in ETH issuance since the Merge, Buterin wants Dogecoin (DOGE) and Zcash to move to PoS, How XRP gained over 27% in the past 4 days.

CRYPTO MARKET TODAY AT A GLANCE

CRYPTO CRASH – MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

The overall crypto market cap has been extremely weak over the past couple of days. It has fallen down below all meaningful levels of support on the price charts and the only support that is left is the 2022 bottoms. The lowest price levels in the year-to-date timeframe would serve as the last logical level of support, based on historical data. While the price is still quite some distance away from YTD lows, about 10%, the overall trend is extremely weak. 

The overall crypto prices has fallen down below its 50 day moving average (marked in cyan) once again, and this time has fallen significantly below it. Along with that, crypto price has also fallen below the psychological support level of $1 trillion (marked in yellow) a couple of days ago and also below the trendline support level of $950 billion (marked in orange). And with the Relative Strength Index levels below 40 as of writing, we may see increased selling pressures on crypto price. 

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $3.60B, 6.63% of the total crypto market 24-hour volume. The volume of all stable coins is now $49.01B, which is 90.32% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $54.4 billion, down about 1.3% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin price performance has been pretty much in line with the overall crypto market cap. BTC price is currently trading at the lowest point of the year to date and had even managed to break down below it once before recovering back to trade on the trendline support. Bitcoin price is currently at a very weak position, threatening to break down any time now. It is below any and all significant price support levels on the chart.

From a technical point of view, as mentioned earlier, BTC price is at the lowest point of 2022. Any breakdown below this could possibly be catastrophic for the king coin. Apart from that, it has also fallen down below its 50 day moving average (marked in cyan) and is trading well below it as of writing. And with a Relative Strength Index of 40 as of press, the likelihood of a crash is increasing.

Additional Read: Bitcoin Price Prediction

ETHEREUM PRICE TODAY

ETH/USD | Source: Tradingview

Ethereum has been one of the worst performers in this round of the market crash. Ever since the Ethereum Merge, Ethereum has been facing strong selling pressures which has pushed ETH price down below all support levels. In fact, it has lost almost all of the gains it had made in the run-up to the highly anticipated Ethereum Merge which took place without a hitch.  

It is clearly evident if you observe the chart attached above, ETH price which had rallied all the way from $1030 back in the middle of July 2022, to near $2000 in the middle of August - scripting a near 100% rally. But soon after, it began falling which only intensified post the Merge and the ETH price is now trading once again near $1300, marking a near 35% crash. It’s Relative Strength Index is worse off than even Bitcoin, running at about 36 as of writing. So overall, Ethereum seems to be the weaker option as of now. Ethereum price has managed to so far hold on to key support levels (marked in black) but that won’t hold on forever.

Additional Read: Ethereum Price Prediction

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price lost about 0.7% in the past 24-hours and is currently trading at around $0.48 - with a current market cap of $24.15 billion as of writing.

CARDANO (ADA)

Cardano (ADA) price lost about 2.5% in the past 24-hours and is currently trading at around $0.44 - with a current market cap of $15.2 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price lost about 9.7% in the past 24-hours and is currently trading at around $0.74 - with a current market cap of $6.45 billion as of writing.

SHIBA INU (SHIB)

Shiba Inu (SHIB) price lost about 4% in the past 24-hours and is currently trading at around $0.00001102 - with a current market cap of $6.05 billion as of writing.

COSMOS (ATOM)

Cosmos (ATOM) price gained about 2% in the past 24-hours and is currently trading at around $14.2 - with a current market cap of $4 billion as of writing.

TOP CRYPTO NEWS TODAY

1. ETHEREUM RECORDS 98% DROP IN ETH ISSUANCE SINCE THE MERGE

According to fresh new on-chain data, the number of Etheruem being issued on a daily basis has fallen drastically post the Merge. This indicates that Ethereum’s native token (ETH), which has not limit on the total cryptos to be ever unlocked (like in Bitcoin) - is on its way to becoming a truly deflationary asset. Data from UltraSound Money shows that Ethereum’s issuance has dropped 98% since the Merge.

2. ETHEREUM CO-FOUNDER VITALIK BUTERIN WANTS DOGECOIN & ZCASH TO MOVE TO PoS

In an interview with Ryan Selkis at the Messari Mainnet 2022, Ethereum co-founder Vitalik Buterin has expressed his idea that the popular memecoin Dogecoin and privacy focused crypto network Zcash should move their networks to the Proof-of-Stake (PoS) consensus mechanism.  The event also had Zcash founder Zooko Wilcox-O’Hearn in attendance.

Selkis: Should all networks move to PoS?

"I'd say should ... as PoS matures I would expect it to increase in legitimacy over time. I hope @zcash moves over and I am hopeful @dogecoin moves to PoS soon," — VB#mainnet2022

— Messari (@MessariCrypto) September 23, 2022

3. XRP GAINS A WHOPPING 27% IN UNDER 4 DAYS

XRP, one of the sleepy giants in the crypto space has managed to outdo most of the largest cryptos by market cap. In the past 4 days, Ripple’s XRP Price has managed to gain over 27% and in the past 10 days has managed to gain over 52%. That is a significant just, especially coming from a $23 billion market cap token which has been very humdrum over the past several months. XRP has always been on the news thanks to the SEC vs Ripple Labs lawsuit, and thus the potential resolution of the lawsuit could be one of the major reasons behind this impressive rally. Its social dominance has also seen an uptick, indicating a recovering sentiment in the coin.

Additional Read: Ripple XRP Price Prediction

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

Prices as of 26th September 2022.