Top Crypto Prices July 28: Market Cap above $1.05 Trillion, Bitcoin Price above $23,000, Ethereum crossed $1600, Lido DAO biggest gainer

With the Fed announcing the expected interest rate hike of 75 basis points, the crypto market shot up, breaking out of all the weakness that had subdued any upward action since 24th of July. In the past 24 hours, the overall crypto market cap managed to rally an extraordinary 9.25%, bringing the total market cap above $1.05 trillion. This was one of the best one-day recoveries in the last couple of weeks and signals the continuation of the upward trend that began two weeks ago. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $91.74 billion, which makes for a 50.69% increase.

The total volume in DeFi is currently $7.89 billion, 8.60% of the total crypto market 24-hour volume. The volume of all stable coins is now $86.27 billion, which is 94.03% of the total crypto market 24-hour volume.

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

In line with the broader market, Bitcoin too, in one fell swoop managed to recover over 9.5%. It had even briefly managed to touch the $23,300 mark but has since then fallen slightly, and is now trading just over $23,100. Ethereum also managed to record stunning two digit returns, currently trading well over $1600, now up over 14% in the past 24 hours. For Ethereum, this is one of the highest levels it has managed to reach in the past couple of weeks, post the bottoming out.

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

As expected, with the massive recovery in Bitcoin and Ethereum, a large number of altcoins managed to recover a large amount of lost ground too. The best out of the lot as of writing this is Lido DAO token (LDO) which managed to gain over 49% in the past 24 hours – going from around $1.5 yesterday to nearly $2.2 today! Some of the other coins that managed to post impressive numbers include, Synthetix (SNX), Ethereum Classic (ETC), Qtum, Uniswap (UNI) and a whole lot others.

As expected, there are no losers today in top 100 cryptos by market capitalisation in the past 24 hours.

CRYPTO MARKET TODAY AT A GLANCE

Read more on Ethereum Merge

TOP CRYPTO PRICES TODAY, 27TH JULY, 2022:

TOP CRYPTO NEWS TODAY

1. ETHEREUM’S MAINNET ‘SHADOW FORK’ GOES LIVE

Ahead of the September release of The Merge on Ethereum – its tenth ‘shadow fork’ went live 26 hours earlier than expected. This is part of the consistent stream of tests that are being run on the testnets and the shadow forks of the mainnet to ensure the actual release of the Merge would happen without any bugs and problems. A shadow fork is essentially a copy of the data from the mainnet, to create a test environment network on which experiments are performed ahead of the actual release to weed out bugs.

Additional Read: Ethereum Price Reached Above $1666 after the Announcement of the Shadow Fork

3. CRYPTO ATM MARKET VALUE TO HIT $472 MILLION BY 2027

According to a fresh new study, the global crypto ATM market is projected to grow rapidly over the next five years to reach almost half a billion dollars worth by 2027. Research and Markets published its report, which estimated a CAGR of 59% for the industry from 2022 to 2027. So with that kind of growth rate, and currently valuing the crypto ATM market at $46.4 million, the study expects the value to increase to $472 million in the next five year period.

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

As mentioned earlier, an environment of fear, uncertainty and doubt that was being created ahead of the Federal Reserve meeting was all washed away from the market when the Chair of the Federal Reserve of the United States, Jerome Powell announced the rate hike of 75 basis points last night. This came in line with market expectations and hence triggered a recovery right from that moment.

Technically speaking, with overall crypto market cap took a breather right on the crucial and coinciding support line (marked in orange) and the 50-day moving average (marked in cyan blue). So, the sky is wide open in thus situation all the way till the crypto market cap reaches the $1.2 trillion region (marked in grey). That region would serve as a heavy supply zone that would keep prices stuck in an accumulation zone as the bulls in the market try to absorb the selling pressures. But until then, the path seems easy.

Additional Read: Ethereum Price Prediction

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Thanks to the announcement by the Federal Reserve, Bitcoin – the biggest crypto by market cap – managed to register record gains in the past 24 hours. Gaining over 9.5% in this timeframe, Bitcoin managed to break through both the resistance trendline (marked in dark blue) and the 50-day moving average (marked in cyan blue). In effect, Bitcoin has flipped its short term weakness into a bullish structure as of now.

The Relative Strength Index for the king coin is also now back in a comfortable position to support any upward action that may ensure from hereon. The next level of resistance traders need to look out for is around $28,000-$32,000. That region would serve as an accumulation zone which would take some time to break through.

CRYPTO MARKET: THE WEEK AHEAD

Up until yesterday, there was a lot of uncertainty in the air but now with the finalisation of the 75 basis point hike, which happened along expected lines, the market reacted well and we can expect the rest of the week and probably the first week of August to behave positively too. So, there is a high probability of the market going up, the only thing that isn’t known is how quickly the market will recover.