The crypto market saw some weakness over the past 24 hours. Towards the end of last week, the global crypto market cap had breached into the $1.1 trillion region but today, has fallen nearly 3.5% from yesterday’s levels and is currently near $1.05 trillion. Many crypto prices today took a major hit. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $75.90 billion, which makes a 6.01% increase.
The total volume in DeFi is currently $7.53 billion, 9.92% of the total crypto market 24-hour volume. The volume of all stablecoins is now $71.44 billion, which is 94.12% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
So, in line with the broader market data – Bitcoin prices too has taken a hit, falling about 2% and is currently trading at $22,900. For the second time in the past two weeks, BTC prices hasn’t been able to sustain above the $23,000-$24,000 level and has fallen below it within a matter of days. However, the one good factor to look at is while Bitcoin won’t give you extraordinary returns when compared to all the smaller alts, it will however, be a better hedge against the downside as it has done multiple times in the past. The overall crypto market cap is adversely affected during downsides because the smaller altcoins tend to lose their value as quickly as they gain.
Ethereum price too, has fallen from near $1700 levels yesterday to around $1570 as of writing this article, down around 7% in the same timeframe. Considering it is the biggest altcoin – such a huge fall in ETH price is bound to make a few people jittery that can cause further selloffs.
Additional Read: Ethereum Price Prediction Weekly
TOP CRYPTOS BY MARKET CAP:
As is evident from the chart above, all the crypto prices of top 10 coins by market cap suffered a loss in the past 24 hours, with Polkadot and Ethereum Classic crypto prices taking the biggest hits. Funnily enough, the biggest gainer yesterday - Filecoin (FIL) is now the biggest loser today, having lost over 27% in the past 24 hours. However, it had gained over 80% yesterday so despite this fall, Filecoin investors are probably seeing positivity on their books. Also, another major gainer from yesterday - Internet Computer (ICP) is the second largest loser out of the lot of the top 100 cryptos - down around 16%. Other losers include Arweave (AR), Lido DAO (LDO), EOS, Convex Finance (CVX) among many others.
Heavyweight memecoins have also managed to shed significantly over the past 24 hours with Dogecoin (DOGE) and Shiba Inu shedding almost 6% and 7% respectively.
However, there were a few altcoins that also managed to see positive traction even on a bearish day too. Chiliz (CHZ) managed to gain a whopping 20% at its peak in the past 24 hours, followed by Cronos (CRO) which managed to gain 2% in the same timeframe. Other gainers include Theta Network and Monero (XMR).
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $1.05 trillion |
| Rise/Fall in crypto market cap | -3.8% |
| Global DeFi TVL | $86.4 billion |
| Rise/Fall in DeFi TVL | -3% |
| Bitcoin Price | $22,900 |
| Bitcoin Dominance | 41.6% |
| Ethereum Price | $1,570 |
TOP CRYPTO PRICES TODAY, 2nd AUGUST, 2022:
| COIN | PRICE ($) | PRICE (INR) | % CHANGE (24-HOUR) | MARKET CAP |
| CHILIZ (CHZ) | $0.14 | ₹12.8 | 14.5% | $860 MILLION |
| CRONOS (CRO) | $0.14 | ₹12.3 | 5.1% | $3.6 BILLION |
| THETA NETWORK (THETA) | $1.4 | ₹116 | 3.7% | $1.4 BILLION |
| GALA | $0.05 | ₹5 | 2.9% | $416 MILLION |
| MONERO (XMR) | $157 | ₹12,870 | 1.2% | $2.8 BILLION |
| LIDO DAO (LDO) | $1.95 | ₹153.2 | -10.7% | $609 MILLION |
| EOS | $1.18 | ₹101.9 | -12.5% | $1.17 BILLION |
| ARWEAVE (AR) | $13.5 | ₹1061 | -14.6% | $450 MILLION |
| INTERNET COMPUTER (ICP) | $7.6 | ₹640 | -14.9% | $1.91 BILLION |
| FILECOIN (FIL) | $8 | ₹688 | -22.4% | $1.97 BILLION |
TOP CRYPTO NEWS
1. CRYPTO INVESTMENTS SEE 5TH CONSECUTIVE WEEK OF INFLOWS
Despite the bear market that began in the beginning of 2022, capital inflow into cryptos and related crypto based investment products has continued to soar as the sector makes attempts to sustain short term gains, especially since the beginning of July. The uptick of capital into the market suggests that investors remain supportive of cryptos despite the sustained sell-off and a proper bounce back may be just around the corner.
2. ETH FLIPS BTC'S OPTION CONTRACTS FOR THE FIRST TIME IN HISTORY
For the first time in history, Ethereum blockchain’s token ETH has surpassed Bitcoin (BTC) in the options market for the first time on Deribit exchange. The total dollar value of open ETH option contracts (open interest) on Deribit was around $5.7 billion while Bitcoin's open interest was around $4.35 billion at the same time. This is something that is happening for the first time in history but the question is, will Ethereum be able to flip Bitcoin in terms of actual market cap?
3. TRON BECOMES SECOND LARGEST PUBLIC CHAIN BY STABLECOIN MARKET CAP
According to data from TRONSCAN, TRON's total transfer value has recently surpassed the monumental $5 trillion mark, adding 105 million new accounts and recording over 3.6 billion transactions on its blockchain network, as of 1 August, 2022. To add to that, its total value locked (TVL) has surpassed $11 billion - making it the second largest public chain by market cap and in the top 3 largest public chains by TVL.
GLOBAL CRYPTO MARKET OVERVIEW
Total Crypto Market Cap | Source: Tradingview
We can observe from the chart above that the global crypto market cap has been on a slight downtrend ever since the weekend began and there aren't any signs of immediate revival. However, from a technical standpoint, this is but natural and the most healthy way of a recovery path for any asset. This is basically the charting way of taking five steps ahead and taking two steps back. Situations where crypto prices which go on and on in any direction, especially upwards, never last. Any recovery which has small profit booking zones dotted across the path usually has more of a steady rally.
Even if you were to observe the price action from the beginning of July, there have been three instances of profit booking related corrections amid the rally - which have been a bit scary but hasn't affected the actual bullish momentum of the market. So that can be expected to continue, hence there is still nothing major to worry about from a technical perspective. It is still above the short term trend indicator, the 50-day moving average (marked in cyan blue) as well as the trendline support (marked in orange). So it can be expected that the next jump that is going to come eventually over the next week or two can finally break over the $1.1 trillion mark in a convincing manner and stay above it.
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
Bitcoin price, as we have seen a couple of times before, managed to lose less than the overall crypto market. As mentioned earlier, small cryptos typically lose a lot more in percentage terms whenever the market sees some correction while Bitcoin holds its ground. Thanks to its humungous market cap, Bitcoin acts in a more stable way, and hence both recoveries and corrections happens slowly and steadily, relative to other altcoins.
However, from a technical standpoint, the BTC prices are still well above the 50-day moving average (marked in cyan blue) and the trendline support (marked in dark blue). So again, as mentioned above, there is little to worry as of now, with the prices still in the safe zone and undergoing a minor correction in the form of profit booking after a decent rally post the Fed rate hike announcement. The Relative Strength Index is also reasonably stable around 53 and will support any upward move that will eventually come.
Additional Read: Bitcoin Price Prediction Weekly
CRYPTO MARKET: THE WEEK AHEAD
So, concluding from the observations above, the crypto market trend is still moderately optimistic with some profit booking happening here and there. The current weak status of crypto prices today might have turned into slightly bearish amid this selloff, broad technical structures still remain hale and hearty.
Prices as of 2nd August, 2022
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