Top Crypto Prices on July 20: Bitcoin Price crosses $23,000, Ethereum sustains above $1500

In yet another episode of this recovering bullish momentum, the crypto market saw yet another day in the green with the global crypto market cap breaching well over the $1.1 trillion mark, up over 4% from yesterday. It crossed over the trillion dollar mark yesterday on 19 July, 2022 and since then has managed to sustain above it, giving positive indications for the coming weeks.

The rally over the past 24 hours was also backed by reasonably good volumes, with the total crypto trading volume in the last day is at $130 billion, according to Coingecko. Along with that, the total volume of stablecoins is currently $90.48 billion while the total volume in DeFi is currently $8.62 billion.

Check out latest Bitcoin INR Price , Chart, and Data.

Bitcoin saw one of the largest intraday jumps in value in the past two weeks. Currently trading over $23,400, BTC is up over 7% from yesterday. The altcoin king, Ethereum however had a more subdued price action after over three days of vigorous rallies. It is currently trading at around $1550, up about 25% from yesterday, significantly less than its 8% jump on 19 July, 2022.

Check out latest Ethereum INR Price , Chart, and Data.

A large collection of altcoins also managed to piggyback on this bullish momentum to make some serious gains. Some of the biggest gainers in the altcoin space include Fantom (FTM), Enjin Coin (ENJ) and WAVES – all having rallied 18.75%, 15.5% and 13.75% respectively as of writing this. Even top tier coins like Cardano (ADA) managed to scoop up over 10% in gains, currently trading at around $0.52.

Other major cryptos like Zilliqa (ZIL), VeChain (VET), Helium (HNT), Lido DAO (LDO) also managed to score double digit rallies in the same timeframe. Along with that, Bitcoin is also seemingly loosing a bit of its dominance, now down at about 40.5%, down from yesterday’s 41.2% – signifying these major alts are making a definitive comeback in terms of value.

CRYPTO MARKET TODAY AT A GLANCE

TOP CRYPTO NEWS TODAY

1. CARDANO RECORDS RISE IN DEFI INFLOWS

Recent data from DefiLlama has shown that Cardano’s DeFi ecosystem has attracted record inflows of capital, with a positive increase of over 7.6% over the past 24 hours in its total-value-locked (TVL). In the past week alone, it has seen inflows worth over $33 million. Its total DeFi TVL has gone from $133 million on July 13, to over $166 million today, on July 20.

Additional Read: Cardano Vasil Upgrade

2. BNP PARIBAS ENTERS CRYPTO CUSTODY SPACE

French banking behemoth, BNP Paribas (BNP) is entering the crypto space via the crypto custody industry. It is doing so by means of a partnership with Swiss digital asset safekeeping firm Metaco, according to people in the know. This comes amid a time when many large banks are considering, or are on their way to enter into the custodial business – but this is significant because BNP Paribas Securities Services’ position as a major global custodian with almost $13 trillion in assets under custody.

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

As discussed above, the total crypto market cap is managing to sustain above the crucial levels. It has absorbed all the selling pressures from the $950 billion region, and also the 50-day moving average (marked in cyan blue). Now over the next couple of days if it is able to sustain above the 50-DMA, we can confidently see another leg up by the end of July, possibly and reach the $1.15-1.3 trillion dollar region (marked in grey). That region would serve as an accumulation zone for bulls.

However, soon the bullish momentum may begin slowing down a little bit. This is because the Relative Strength Index, or the RSI, which is currently trading near 64 will quickly reach 80 if the buying continues. That 80 region is considered to be an overbought indication and hence some profit booking at those levels might be possible. However, the overbought region may coincide with the accumulation zone marked on the chart, which may prevent too much loss of value amid profit booking.

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Today is one of the most significant days for Bitcoin in almost the past three months. For the first time in three months, since 10 April, 2022 – Bitcoin has managed to break out over the 50-day moving average. This indicates the flipping of the short term bearish trend and hints at the possibility of a continued run upwards. This is significant because Bitcoin prices attempted to breach the 50-DMA thrice in the same timeframe but was unsuccessful every single time.

So going forward, quite in line with the broader crypto market cap analysis – we can expect Bitcoin to sustain its upward motion till the accumulation zone of $28k-32k. Bitcoin prices would take a halt there, allowing the RSI to take a breath and cool down from its overbought zones, as the bulls absorb the selling pressure coming in. Once that is done, and the bullish momentum in the market is not disturbed by any untoward incident, Bitcoin may continue its rally upwards from there.

Additional Read: Bitcoin Price Prediction Weekly

CRYPTO MARKET: THE WEEK AHEAD

So, with the continuation of the upward move in the broader crypto market supported by the king coin, Bitcoin’s bullish action – we can expect the market to continue going up. In line with the crypto market, traditional equities across the world were also up – an important correlation since the crash was also quite correlated. Tech focused US’ Nasdaq gained over 3% in yesterday’s trading session, which tallied well with the crypto market too. This is happening despite hawkish comments from central bankers all across the world to curb inflation.

Prices as of 20th July, 2022

Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.