The past long weekend saw a very volatile action happening across the crypto market. The early part of the weekend managed to see strong recovery on the charts, with the markets managing to break into the $1.18 trillion region. But since then it has been falling, especially over the past two days and is currently trading near $1.14 trillion, according to CoinMarketCap – down nearly 3.3%. The total crypto market volume over the last 24 hours is $76.05 billion, which makes a 11.55% increase.
The total volume in DeFi is currently $5.93 billion, 7.80% of the total crypto market 24-hour volume. The volume of all stable coins is now $69.57 billion, which is 91.48% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Bitcoin price too, early on in the weekend managed to see a significant recovery, and even broke into the $25,000 region for the first time in over two months. The last time BTC prices were at this level was back in the middle of June 2022, when the market saw a crash from $30,000 levels to sub-$20,000 region. Currently it is trading very close to $24,000, down about 3.5% from yesterday.
Ethereum prices, ahead of the Ethereum Merge coming in a month’s time in September 2022, saw a major leg-up over the weekend too. Its rally saw ETH prices tear past the $2000 before falling back down amid broader market pressures. However, since then it saw a minor shedding of value and is currently trading near $1870, down about 5.9% in the past 24 hours.
The fall in the overall crypto market in the past 24 hours has been quite significant and it is quite evident from the chart above too. All of the biggest altcoins by market cap suffered losses across the board. There isn't a single gainer so far in the list of the top 15 cryptos by market capitalisation. Some of the biggest losers include, Litecoin (LTC), Uniswap (UNI) and Solana (SOL) - having lost over 6-8% each in the past 24 hours. The likes of memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) however managed to gain 3.5% and 2% respectively, as of writing this article.
However, broadening our horizon, a few coins out of the top 100 cryptos by market cap according to CoinMarketCap, managed to make some gains despite the bearishness in the market. Chiliz (CHZ), STEPN (GMT), and ANKR were some of the biggest gainers over the past 24 hours, with CHZ prices managing to gain over 15%! ANKR too has been on a roll ever since the news of Binance Lab's strategic investment last week, has managed to gain nearly 50% in the past 7 days.
Additional Read: Top Cryptos to watch this Week
CRYPTO MARKET TODAY AT A GLANCE
| Global crypto market cap | $1.14 trillion |
| Rise/Fall in crypto market cap | -3.3% |
| Global DeFi TVL | $67,3 billion |
| Rise/Fall in DeFi TVL | -2.2% |
| Bitcoin Price | $24,000 |
| Bitcoin Dominance | 40.2% |
| Ethereum Price | $1,870 |
TOP CRYPTO PRICES TODAY, 16TH AUGUST, 2022:
| COIN | PRICE ($) | PRICE (INR) | % CHANGE (24-HOUR) | MARKET CAP |
| CHILIZ (CHZ) | $0.2 | ₹17.3 | 17% | $1.2 BILLION |
| ANKR | $0.049 | ₹3.9 | 7.4% | $477 MILLION |
| STEPN (GMT) | $1.08 | ₹90.5 | $4.9 | $650 MILLION |
| DOGECOIN (DOGE) | $0.08 | ₹6.7 | 3.6% | $10.6 BILLION |
| FILECOIN (FIL) | $8.3 | ₹711.4 | 1.2% | $2.1 BILLION |
| FLOW | $2.67 | ₹230 | -3.7% | $2.7 BILLION |
| QUANT (QNT) | $112.8 | ₹10,254 | -4.9% | $1.8 BILLION |
| UNISWAP (UNI) | $8.3 | ₹700 | -5.1% | $6.1 BILLION |
| CONVEX FINANCE (CVX) | $6.5 | ₹516 | -5.4% | $435 MILLION |
| THE GRAPH (GRT) | $0.13 | ₹11.55 | -6.5% | $902 MILLION |
TOP CRYPTO NEWS
1. MONERO (XMR) HARDFORK GOES LIVE
In a major upgrade to the privacy focused crypto network Monero (XMR) - its hardfork went live on the 2,688,888th block. This new hard fork brings a whole load of additional privacy and security based features to the network like, the Bulletproofs+ feature, an upgraded ring signature size of 16, and view tags. Earlier, the ring signature size was 11 for the network and these were what made transactions untraceable on this blockchain.
Congratulations on a successful network upgrade! 🎉 #Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!
Make sure your node/wallet is updated to continue using Monero.
Privacy and fungibility matter, and it’s exciting to keep improving!
— Monero (XMR) (@monero) August 13, 2022
2. FLOKI INU PARTNERS WITH CHAINLINK KEEPERS
Shiba Inu inspired memecoin, Floki Inu has announced the integration of Chainlink Keeper's services into its token-locking protocol called the FlokiFi Locker. With this, the memecoin is determined to expand the use cases and utilities of its own network and provide a suite of services to its users to make it an attractive and a viable blockchain.
.@RealFlokiInu has integrated two Chainlink trust-minimized services:
Keepers to help automate its token locking process.
Price Feeds to display accurate prices across #Arbitrum, #Avalanche, #BNBChain, #Ethereum, #Fantom, #Heco, #Optimism, and #Polygon.https://t.co/iyWHfEgcFG
— Chainlink (@chainlink) August 15, 2022
3. CARDANO'S HOSKINSON ASSURES VASIL HARD FORK EFFORTS ARE ON TRACK
During a cryptography conference in California, Ethereum co-founder and founder of Cardano, Charles Hoskinson assured the Cardano community that the Vasil hard fork wouldn’t experience further delays. It can be expected to be executed on the mainnet very soon after the recent round of developments and testings in the sandbox testnet environment are completed.
Additional Read: Cardano Vasil Hard Fork
GLOBAL CRYPTO MARKET OVERVIEW
Total Crypto Market Cap | Source: Tradingview
As mentioned earlier, the past two days has seen some significant losses across the board in the crypto market, which has ow resulted in prices falling below the trendline support of higher high, higher lows on the chart (marked in dark blue). So, from a technical point of view, this represents some weakness creeping in after a reasonable period of sustained upward move. However, it hasn't too far below the support line either. A small jump in prices would again put it back above the support line and the bullish price pattern may continue going forward.
Over the weekend, prices had also managed to break into the accumulation zone, but very briefly before falling back down. So, there too if we see a recovery, we may prices moving into the region marked in grey where we may see some accumulation taking place.
Also, another thing to mention is that the Relative Strength Index had also reached very close to the overbought region, close to 70. The minor correction we're seeing right now could a result of that too, so after a while of cooldown, we may see a resumption of that rally we have been seeing over the past four weeks.
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
In line with the crypto market cap, Bitcoin too has fallen slightly below its trendline support (marked in orange). However, it is still quite far away from the accumulation zone of $28,000-$32,000. Hence, Bitcoin still has a long way to go until its next logical resistance level. However, the rest of the observations remain pretty much the same for Bitcoin prices as well.
The Relative Strength Index for Bitcoin prices are at a very comfortable region to support any kind of recovery that may occur going forward. Currently trading around 57, the RSI is at a healthy level and it can easily support a recovery to push BTC prices back above the higher high, higher low trendline support. It had hardly managed to touch the $25,000 level before falling back down so another attempt at attaining that psychological level shouldn't be too far away.
CRYPTO MARKET: THE WEEK AHEAD
The week ahead for the overall crypto prices and the crypto market in general can be assumed to work along expected lines. Markets will tend to move three steps forward, one step back fashion and thus the up move will be slow and steady. This could be yet another small buy-the-dip opportunity but investors will need to do their own research before they do that. So, after a brief period of humdrum action, we may see some recovery going forward.
Prices as of 16th August, 2022
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