Top Crypto Prices Today: Bitcoin Price Drops 10.2% below $22,000 over the Weekend; When Will the Crypto Bear Market End?

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price up 1.3% at $21,450, Ethereum price at $1605, up about 1.5%
2. Global crypto market cap up about 1.3% in past 24 hours, currently at about $1.02 trillion
3. Top crypto news – ETH 2.0 staking accelerates ahead of Ethereum Merge, Shiba Inu clinches new high in social dominance, XRP transaction activity sees positive action

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

After seeing a major dip over the weekend, losing over 9% in a 24-hour period – the overall crypto market cap took the support of the long time trendline (marked in orange). It resulted in the formation of a doji candle at the very bottom, just above the trendline support, which signifies a momentary reversal pattern, and since then has managed to make some gains. Prices are currently trading just on the 50-day moving average (marked in cyan blue), hence a breakout over that line is necessary to recover all of the lost ground.

One thing to be wary about is that the Relative Strength Index is around 40, which is in the bearish territory, but not yet in the oversold zone yet. Hence we may see a further downfall in crypto prices today and maybe in the days going forward. Investors should be ready for a potential drawdown going forward due to this and take steps accordingly to protect their portfolios.

Additional Read: Bitcoin Price Prediction Weekly

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $4.59 billion, 7.80% of the total crypto market 24-hour volume. The volume of all stable coins is now $56.12 billion, which is 95.41% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $61.3 billion, up about 1.3% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BTC/USD | Source: Tradingview

The case for Bitcoin, is relatively weaker than the overall crypto market - from a technical standpoint. Bitcoin price took a near 10.2% hit over the weekend before recovering slightly on the charts. However, the major correction that happened in BTC price has pushed it below crucial support levels of the 50-day moving average (marked in cyan blue) and the trendline resistance (marked in dark blue).

As mentioned earlier, since we will see weakness in the overall crypto market cap, we will also see that weakness being led by Bitcoin price over the coming week with prices well below these critical support levels. Bitcoin's Relative Strength Index had touched around 32 at its low before recovering to 38. So in line with the observations earlier, we may see further dips in BTC price going forward too.

Ethereum had been one of the best performers in the biggest cryptos by market cap list, thanks to the highly anticipated Ethereum Merge coming up in less than a month now. However, the the last couple of days has seen Ethereum price take a major hit. Just at the beginning of the weekend, ETH prices lost a staggering 12.1% in under a day before recovering slightly amid short covering.

However, it must be noted that Ethereum price have managed to stay above the 50-day moving average and its trendline support. This is mainly due to the fact that Ethereum had managed to do really well in the past weeks, gaining ahead of most other heavyweight cryptos out there, even Bitcoin and thus is able to hold on to its ground better than most. So a quicker recovery in the altcoin king may be possible going forward, if the broader market supports it.

OTHER ALTCOINS

BINANCE COIN (BNB)

Binance Coin (BNB) price recovered about 3% in the past 24-hours and is currently trading at around $297.45 - with a current market cap of $48.06 billion as of writing.

SOLANA (SOL)

SOLANA (SOL) price recovered about 3.5% in the past 24-hours and is currently trading at around $36.2 - with a current market cap of $12.65 billion as of writing.

SHIBA INU (SHIB)

Shiba Inu (SHIB) price recovered about 3% in the past 24-hours and is currently trading at around $0.00001337 - with a current market cap of $7.33 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price recovered about 3.1% in the past 24-hours and is currently trading at around $0.81 - with a current market cap of $6.54 billion as of writing.

ETHEREUM CLASSIC (ETC)

Ethereum Classic (ETC) price recovered about 1.8% in the past 24-hours and is currently trading at around $33.2 - with a current market cap of $4.54 billion as of writing.

TOP CRYPTO NEWS TODAY

1. ETHEREUM STAKING ACCELERATES AHEAD OF ETHEREUM MERGE

With the Ethereum Merge less than a month away now, ETH 2.0 deposit contract addresses has reached over 13,343,768 and the stake rate to the staking contract has exceeded 11.17%. According to data, almost 36,000 ETHs have been added every week in the past few weeks and over 153k ETH have been staked since the beginning of August, 2022.

According to OKLink, the number of ETH 2.0 deposit contract addresses has reached 13,343,768, and the stake rate has exceeded 11.17%. About 36,000 ETHs have been added every week, and 153,000 new ETHs have been staked since August. https://t.co/7d7g91WlDS pic.twitter.com/zDbWYByDz6

— Wu Blockchain (@WuBlockchain) August 22, 2022

2. XRP ON-CHAIN TRANSACTIONS SEES MAJOR SPIKES

According to data from on-chain analytics firm Santiment has found that XRP whales have completed the biggest transaction activity int he past three months, despite poor price action in the token. According to the data released by then, transactions worth exceeding $100k on the XRP ledger saw a major spike to levels not seen since May 2022.

🐳 #XRP is seeing notable whale activity, as well as high optimism, in Friday's closing trading hours. We've picked up a spike of $100k+ $XRP transactions that hasn't been equaled since May 13th. Additionally, sentiment is at its highest since April. https://t.co/lXz1LfyrCR pic.twitter.com/DuEhLrtWfs

— Santiment (@santimentfeed) August 19, 2022

3. SHIBA INU'S SOCIAL DOMINANCE REACHES NEW HIGHS

According to latest data from crypto social intelligence portal, LunarCrush - SHIB has set a personal three-month record of daily mentions on social networks. As per the data, the number of mentions of the main token of the Shiba Inu project reached 88,900 on 21 August, while the total number of references to SHIB in social networks in the past 90 days amounted to 3.51 million.

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

Prices as of 22nd August, 2022

Additional Read: Bitcoin Price Nosedives below $22000