Top Crypto Prices Today: Bitcoin Price above $19,000 & Ethereum back above $1,600, Avalanche & Shiba INU Price Gain upto 4%

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up about 3.3% trading over $19,300, Ethereum price close to $1640, up about 8.6%
2. Global crypto market cap up about 4.6% in past 24 hours, currently at about $980 billion
3. Top crypto news – 47% of all Bitcoin holders remain profitable despite 60% loss of market cap since beginning of 2022, large ETH wallets with 1000+ ETH touched 15-month high, Swiss SEBA bank launches ETH staking service for institutional clients.

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

After the major 6% crash that happened in the total crypto market cap yesterday, today was starkly different. With a near 4.6% rebound on the charts, crypto prices today are almost back to where they were before the crash that happened post the Bellatrix upgrade ahead of the final and highly anticipated Ethereum Merge. The intraday freak crash seems to have been filled up by today’s bullishness and we can probably not be that worried anymore.

However, technically speaking, crypto prices now are still marginally below the crucial trendline support (marked in orange). A strong and decisive breakout is extremely necessary, both above the trendline and the psychological $1 trillion mark to sustain any bullish momentum going forward. Along with that, the Relative Strength Index is also well below the 50 mark, so it may face stiff selling pressures at current levels. What is needed for the market to step into a bullish territory is one good jump back above the $1 trillion mark to give some support to the bulls who are barely managing to hold on.

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $6.12 billion, 8.76% of the total crypto market 24-hour volume. The volume of all stable coins is now $64.61 billion, which is 92.52% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $58.1 billion, up about 1.6% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

Bitcoin price on the other hand is still in a territory that can be considered fairly dangerous. BTC price has managed to come back up above the trendline support (marked in black) so it is some distance away from the lowest points of 2022, however, it is still very far away from any meaningful bullish region and it wouldn't come as a surprise if we see a fall from here. One respite for the rest of the market as BTC price continued to perform badly in comparison to other cryptos is its reducing market cap dominance which has fallen to 37.8% as of writing. Bitcoin's current market cap dominance is at a major 4-year low too. What that means is that despite the fact that Bitcoin price still commands well more than a third of the total market cap, the fact that it is reducing means over time its impact on the overall market is reducing. This bodes well for other cryptos but not so much for Bitcoin investors.

On the technical front, things seem very poor for Bitcoin price as of now as is trading well below its 50 and 200 day moving averages and is just above its nearest trendline support. Even its Relative Strength Index is currently at 35.8, up from 29.4 on 7th September, post the crash, it is still pretty weak. BTC will face severe selling pressures and it would be very tough for the king coin to mount a recovery any time soon, unless a major positive news comes along.

Additional Read: Bitcoin Price Prediction Weekly

Ethereum price has managed to recover all its losses from the day before, right after the Bellatrix upgrade. This is a healthy sign since ETH price is back in a zone which is relatively safe and sound and can hold on to bearish selling pressures. Thus it is more or less back to outperforming other large altcoins in the space and back to being potentially a very strong recovery candidate as the highly anticipated Ethereum Merge draws nearer.

From a technical standpoint, ETH price is still stuck in a descending triangle pattern and hence it could see some corrections going forward. However, ETH price is just shy of breaking out of the upper trendline of the bearish price pattern and hence wouldn't be something to lose sleep over either. Also, for Ethereum price, the 50-DMA and the 200-DMA is slowly, but surely headed towards a golden crossover, which indicates a very bullish price pattern. So a sustained rally over the next week or two would result in this golden crossover and bring about a very strong bullish action in the largest altcoin by market cap.

OTHER ALTCOINS

BINANCE COIN (BNB)

Binance Coin (BNB) price gained about 6% in the past 24-hours and is currently trading at around $279 - with a current market cap of $45 billion as of writing.

SOLANA (SOL)

Solana (SOL) price gained about 5.6% in the past 24-hours and is currently trading at around $32.6 - with a current market cap of $11.5 billion as of writing.

SHIBA INU (SHIB)

Shiba Inu (SHIB) price gained about 3.3% in the past 24-hours and is currently trading at around $0.00001233
- with a current market cap of $6.8 billion as of writing.

AVALANCHE (AVAX)

Avalanche (AVAX) price gained about 3.9% in the past 24-hours and is currently trading at around $19 - with a current market cap of $5.6 billion as of writing.

ETHEREUM CLASSIC (ETC)

Ethereum Classic (ETC) price gained about 9.6% in the past 24-hours and is currently trading at around $37.1 - with a current market cap of $5.1 billion as of writing.

TOP CRYPTO NEWS TODAY

1. DESPITE BITCOIN'S 60% PRICE DRIP IN 2022, 47% OF ALL HOLDERS ARE STILL PROFITABLE

In a significant on-chain analysis of the top crypto, Bitcoin - data indicates that almost 47% of all holders of BTC are still profitable, despite the token having lost over 60% of its market cap since the beginning of the bear market at the start of 2022. According to data from IntoTheBlock, about 50% of holders are seeing red on their books while 3% remain in the breakeven zone.

2. ETHEREUM SEES NUMBER OF ADDRESSES WITH 1000+ ETH BALANCE RISE TO 15-MONTH HIGH

Ahead of the Ethereum Merge, fresh data shows that the number of ETH wallets holding over 1,000 ETH has surged to a 15-month high. This is decidedly a bullish sign for the altcoin king as investors expect a price rally after the Merge goes live tentatively around 15th of September, 2022. This is because, historically, a similar surge in wallet addresses happened around May 2021 too, during which we saw a strong bull run take place.

3. SWISS BANK LAUNCHES ETH STAKING FOR INSTITUTIONAL CLIENTS

Switzerland's SEBA Bank has launched a ETH staking service for institutional clients just days ahead of the expected date for the Ethereum Merge to go live. In a press release published on 7 September, it says that it 'caters to demand from institutions who show interest in such services as staking and DeFi.' The bank’s staking management platform allows clients to stake on a variety of protocols, including Ethereum, Polkadot, and Tezos.

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.

Prices as of 8th September, 2022

Additional Read: BTC Price nosedives below $19000