Top Crypto Prices Today: Bitcoin Price holds above $21,000, Ethereum above $1600 While Polkadot, Avalanche Gain BIG!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price trading flat, down about 2% at $21,450, Ethereum price at $1640, up about 4%
2. Global crypto market cap has recovered about 2% in the past 24 hours, currently at about $1.03 trillion
3. Top crypto news – Ethereum becomes the most actively developed blockchain, GameSwift partners with Polygon & Shiba Inu whales are becoming more active in the market

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

After the brutal fall at the end of last week, the overall crypto market this week has been trying to make up with some recovery and gain some of its lost ground, but it is facing strong selling pressures on the upside. The trendline support (marked in orange) has been holding strong so far, over the past 4-5 days but prices haven’t been able to break out of the 50-day moving average (marked in cyan). It is slowly inching closer to the 50-DMA but still isn’t quite there yet.

The Relative Strength Index for the overall crypto market cap has improved from around 40 yesterday to 41 today on 24 August, 2022. However, we can expect this kind of a humdrum state of the market going forward until we get some confirmed news about Fed’s next round of rate hikes from Jerome Powell, the Chair of the Federal Reserve of the United States. Some experts believe cryptos and other equities fell towards the end of last week in anticipation from strong action from the Fed this week and if the rate hike comes in line with market expectations, we may see some bounce back rally in most open market investment assets.

Additional Read: Bitcoin Price Prediction Weekly

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $61.36 billion, down about 0.3% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

Bitcoin price action too has been mirroring the overall crypto market cap so far. BTC price has been attempting to break out of the trendline resistance (marked in dark blue) but has been unable to provide any definitive and convincing breakout so far. It is still dangerously below the 50-day moving average (marked in cyan) and quite far away from the critical accumulation zone (marked in grey) between $28,000 to $32,000.

For the time being, a small recovery and a sustained BTC price action above the trendline resistance would serve well going forward. It would bring BTC prices closer to the 50-day moving average and hence, give a better probability of the short term price action turning slightly bullish. However, the Relative Strength Index for BTC remains dangerously low and could prove to be a spoilsport and prevent BTC price from moving up rapidly. Along with that, all eyes would be on the Fed's announcement later this week regarding rate hikes and that would serve as a make or break for Bitcoin price and prices of all cryptos and other asset classes going forward.

Ethereum has been leading in terms of price action. It has managed to gain over 4% in the past 24 hours, recovering a significant amount of its lost ground. Currently trading near $1640, ETH price has managed to sustain itself over its 50-day moving average and its trendline support at around $1200. The trendline support is quite far away so nothing much to worry on that front, but the 50-DMA is relatively closer and the fact that ETH price is able to hold on above that shows its optimistic strength ahead of the Ethereum Merge.

So pretty much in line with the observations above, Ethereum price too will see a quick recovery if we see positive news coming from the US Federal Reserve regarding the rate hikes, and ETH would probably be one of the best and safer recovery candidates in the bounce back.

OTHER ALTCOINS

RIPPLE (XRP)

Ripple (XRP) price recovered about 2.6% in the past 24-hours and is currently trading at around $0.34 - with a current market cap of $17.01 billion as of writing.

POLKADOT (DOT)

Polkadot (DOT) price recovered about 4.5% in the past 24-hours and is currently trading at around $7.54 - with a current market cap of $8.68 billion as of writing.

SHIBA INU (SHIB)

Shiba Inu (SHIB) price recovered about 2.5% in the past 24-hours and is currently trading at around $0.00001321 - with a current market cap of $7.27 billion as of writing.

AVALANCHE (AVAX)

Avalanche (AVAX) price recovered about 6% in the past 24-hours and is currently trading at around $23.2 - with a current market cap of $6.65 billion as of writing.

ETHEREUM CLASSIC (ETC)

Ethereum Classic (ETC) price recovered about 2.5% in the past 24-hours and is currently trading at around $33.54 - with a current market cap of $4.59 billion as of writing.

TOP CRYPTO NEWS TODAY

1. ETHEREUM IS THE MOST ACTIVELY DEVELOPED CRYPTO, POLKADOT RANKS 2ND

Amid the raging bear market with FUD all across the board, some crypto projects seem to be completely untouched by the bearishness all around and are quietly working away, developing their respecting blockchain network. According to a recent report by Santiment, Ethereum (ETH) ranks the highest among all crypto projects out there, with the most development activity in the past 30 days. In the same line, open-source blockchain Polkadot (DOT) ranks seconda while Kusama (KSM) ranks third. Hoskinson's Cardano (ADA) ranks fourth in the list.

Top 10 Projects by Development Activity in the last 30 days

According to such fundamentals like development activity, there are lots if good projects with moderate market cap. $ETH $DOT $KSM $ADA $SNT $ATOM $ICP $MANA $FLOW $MIOTA pic.twitter.com/uawkH9o8Mc

— Ben GCrypto (@GCryptoBen) August 22, 2022

2. GAMESWIFT PARTNERS WITH POLYGON TO BECOME A WEB3 GAMING ECOSYSTEM

GameSwift, a Web3 gaming solution has recently announced a strategic partnership with the Polygon network to build a comprehensive gaming ecosystem. In this partnership, GameSwift is slated to launch its own chain built on the Polygon Edge framework. The platform is intended for gamers and gaming protocols in the Web3 gaming space and help address the challenges that currently are stifling the growth of the sector.

🔥#GameChanger is live🔥

We're proud to announce that within a strategic partnership with @0xPolygon & @polygonstudios we're building the ecosystem of first choice for web3 gaming!

Overview of our zkEVM gaming #chain & more is awaiting you!

Article👇 https://t.co/Gi6FB6374G

— GameSwift 🎮 (@GameSwift_io) August 23, 2022

3. SHIBA INU SEES 84% SPIKE IN WHALE TRANSACTIONS

Large Shiba Inu holders are becoming active again in the market with a major rally in SHIB price coinciding with a significant rise in the large transactions on the chain. According to data from IntoTheBlock, large transactions surges are generally linked to increased activity from whales who are participating in the market with transaction sizes greater than $100,000. In the past 24 hours, large transactions were up 84% while SHIB price posted returns of about 2% in the same period.

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 EOS.

Prices as of 24th August, 2022

Additional Read: Bitcoin Price Nosedives below $22000