Crypto market action over the weekend has been more or less subdued. On Saturday it tried to break over the $1.1 trillion mark but receded quickly after and is currently at a healthy $1.08 trillion, hardly 1% down from 29 July level, as per CoinMarketCap. The rally after the Fed announcement has renewed interests in the crypto space and people are optimistic. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $71.63B, which makes a 5.58% decrease since yesterday, 31 July, 2022.
The total volume in DeFi is currently $9.31 billion, 12.99% of the total crypto market 24-hour volume. The volume of all stable coins is now $66.13 billion, which is 92.32% of the total crypto market 24-hour volume.
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In line with the broader market data, Bitcoin too has managed to sustain its level over the weekend. Currently trading around $23,400, down about 2% from 29 July, Bitcoin has held on to crucial levels of support. Ethereum’s price action too has been bland, currently trading just shy of $1700 mark, also roughly down about 2% from Friday, 29 July levels.
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Despite subdued action from the crypto heavyweights, a few smaller altcoins managed to throw around some weight and gained significantly over the weekend in terms of percentage. One of the biggest gainers include Filecoin (FIL), which managed to gain over 80% between 30 July and 1 August, 2022 - going from trading near $6 to now trading well over $10.5.
Another major gainer includes Internet Computer (ICP) - which interestingly has been gaining all through the past week - having gained 45% in the past week and about 13% over the weekend. Both these altcoins command significantly large market caps in the crypto market and their rallies only indicate positivity. Other altcoin gainers include Polkadot (DOT), WAVES and Aave (AAVE) which gained 10%, 9% and 7% respectively over the weekend.
Some other major losers include last week's star performer, Ethereum Classic, which lost around 10% over the weekend. Another major performer over the past week, Lido DAO token also lost 12%. Other losers include, Gala, Qtum, Uniswap (UNI) and Bitcoin Cash (BCH). Memecoins like Dogecoin and Shiba Inu have had an interesting price action. Dogecoin (DOGE) lost about 2.5% over the past 24 hours while Shiba Inu (SHIB) managed to gain a whole percent in the same timeframe.
Also, Bitcoin seems to be losing some market dominance, going from 41.7% On 29 July to around 41% today - indicating that many altcoins in the market were gaining significantly more than the largest crypto by market cap. This indicates a broad base recovery in the crypto market and thus an overall positive for all investors in the space.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.09 trillion|
|Rise/Fall in crypto market cap||-1% (Sat-Sun)|
|Global DeFi TVL||$89.7 billion|
|Rise/Fall in DeFi TVL||-0.6% (Sat-Sun)|
TOP CRYPTO PRICES TODAY, 1st AUGUST, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|FILECOIN (FIL)||$10.3||₹860||24%||$2.54 BILLION|
|ARWEAVE (AR)||$15.8||₹1251||7.8%||$527 MILLION|
|INTERNET COMPUTER (ICP)||$8.95||₹749||7%||$2.2 BILLION|
|POLKADOT (DOT)||$8.7||₹740||5.8%||$8.6 BILLION|
|AAVE (AAVE)||$98.7||₹8400||3.2%||$1.3 BILLION|
|QTUM (QTUM)||$4.1||₹355||-5.5%||$429 MILLION|
|UNISWAP (UNI)||$8.3||₹718||-6%||$6.2 BILLION|
|LIDO DAO (LDO)||$2.2||₹174||-6.3%||$682 MILLION|
|GALA (GALA)||$0.05||₹4.9||-7.5%||$404 MILLION|
|ETHEREUM CLASSIC (ETC)||$36.6||₹3128||-9%||$5 BILLION|
TOP CRYPTO NEWS
1. 'GHO' STABLECOIN APPROVED BY AAVE DAO
The AAVE DAO has finally approved the plan to create its own algorithmic stablecoin, GHO. Aave Companies, the company behind AAVE presented a request on 7 July for its decentralised stablecoin. A voting window had been opened between 28-31 July for this proposal and an overwhelming majority of 1793 people voted in favour of the measure, approving it by a margin of 99.99%.
2. CARDANO OUTPACING OTHER COINS AS THE MOST DEVELOPED CRYPTO
According to on-chain data provider Santiment - a research tracking the development activity on GitHub associated with different crypto projects int eh industry was revealed recently - which showed Cardano topping the list with a 402.05 development activity mark. This kind of metric analyses everything from number of code pushes, number of issue interactions, number of repos open sourced, and the likes.
3. SHIBA INU SEES MAJOR SPIKE IN BURN RATE
According to data from the Shibburn blockchain tracking service, the second largest memecoin saw a rapid increase in the burn rate of its cryptos in the past 24 hours - as users burned through 130% more tokens than usual.
In the past 24 hours, there have been a total of 216,487,142 $SHIB tokens burned and 32 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 1, 2022
It is interesting to also note that on the day of the announcement of the Shiba Inu crypto card, data pointed towards a rapid spike in the number of burned Shiba Inu tokens as users have been burning over a billion SHIB tokens every day. Overall, this works towards the deflationary asset dream for the token - and in effect be an effective move towards price appreciation of the token in the near future.
GLOBAL CRYPTO MARKET OVERVIEW
The overall crypto market, as mentioned before has been very subdued over the weekend. This is due to the fact that major large cryptos lost small amounts in the past two days while some smaller cryptos managed to gain big - this balancing it out. The overall technical structure still seems moderately bullish, currently trading well over the 50-day moving average (marked in cyan blue) and the immediate support level (marked in orange).
It seems like it will be able to hold on to that level and over the next week or two be able to breach into the accumulation zone (marked in grey). The zone will keep the prices locked in a level giving time to the bulls to accumulate and absorb the selling pressures while short sellers and some weaker hands in the market try to exit. The Relative Strength Index is relatively stable and in a comfortable area to support an upward move going forward. Volumes have also been consistent across the board, which also indicates stability in the market and reduction in fear, uncertainty and doubt.
Bitcoin's performance over the weekend too has been lacklustre, having lost about 2% over the weekend. But this is nothing to lose sleep over for Bitcoin investors. The king coin is still trading well over the 50-day moving average (marked in cyan blue) and the support level (marked in blue). The week ahead may see some positive price action in the coming week.
The Relative Strength Index is too at a comfortable position, around 57 mark. It is still quite some distance away from the broad resistance zone (marked in grey). The $28,000-32,000 level for Bitcoin would be a stiff region of resistance but that is still far away and investors probably don't need to be too worried about it yet.
Additional Read: Bitcoin Price Prediction Weekly
CRYPTO MARKET: THE WEEK AHEAD
In conclusion, the week ahead can be expected to be moderately positive on the back of reasonably bullish sentiments across all major coins. Small corrections here and there are but natural and bound to happen. The overall crypto market has managed to sustain well over the $1 trillion mark, and as long as it is above that, there isn't anything much to worry about on that front either. Bitcoin and Ethereum are over $23,000 and $1700 respectively, and are well on their path to recovery unless some bad news comes along the way.
Prices as of 1st August, 2022
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