The crypto market over this past weekend hasn’t been too impressive, but not something to lose sleep over either. Prices of all major cryptos have seen a slight depreciation thus resulting in the market cap hovering slightly below the $1 trillion mark. According to CoinMarketCap, the global crypto market is at $1 trillion, down around 4.5% from 22 July, 2022. The total crypto market volume over the last 24 hours is $66.30B, which makes a 11.25% increase since yesterday.
The total volume in DeFi is currently $5.91 billion, 8.92% of the total crypto market 24-hour volume. The volume of all stable coins is now $60.14 billion, which is 90.71% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
The crypto market’s flagship crypto – Bitcoin saw a significant loss of value in its token price over the weekend. In line with the broader market, Bitcoin also lost about 5% in the past two days and is currently trading close to $22,000. Ethereum however, managed to sustain some of its strength through the weekend and lost only a little above 4% from its value on Friday, 22 July.
Check out latest Ethereum INR Price , Chart, and Data.
However, a few altcoins managed to rise despite the weakness in the biggest cryptos by market cap. One of these surprises came from none other than Bitcoin Cash – the hard fork from the original Bitcoin – managed to rise 5% in the same timeframe and is trading at $127. Along with BCH, another token that managed to gain marginally is Uniswap, which gained about 1-1.5% and is currently trading slightly over $7 as of writing this.
However, on the flip side, a bunch of other large coins managed to see major outflows, for example – Decentraland, Axie Infinity, Convex Finance – all of which lost close to 8% in the past 24 hours.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1 trillion|
|Rise/Fall in crypto market cap||-5% (Sat-Sun)|
|Global DeFi TVL||$84.61 billion|
|Rise/Fall in DeFi TVL||-1.94%|
Additional Read: Why Ethereum Price Surged?
TOP CRYPTO PRICES TODAY, 25TH JULY, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||ATH||MARKET CAP|
|SYNTHETIX (SNX-INR)||$3.4||₹282||2.6%||$27||$387 MILLION|
|BITCOIN CASH (BCH-INR)||$127||₹10,600||2.2%||$4000||$2.4 BILLION|
|TEZOS (XTZ-INR)||$1.6||₹130||-7%||$8.7||$1.4 BILLION|
|ENJIN COIN (ENJ-INR)||$0.5||₹48||-7.7%||$4.7||$500 MILLION|
|LOOPRING (LRC-INR)||$0.4||₹31.5||-7.7%||$3.4||$512 MILLION|
|STACKS (STX-INR)||$0.42||₹39||-7.7%||$2.9||$553 MILLION|
|COSMOS (ATOM-INR)||$9.4||₹798||-8.3%||$44.7||$2.7 BILLION|
|DECENTRALAND (MANA-INR)||$0.91||₹78||-8.5%||$5.5||$1.7 BILLION|
|AXIE INFINITY (AXS-INR)||$16.4||₹1500||-8.6%||$160||$1.35 BILLION|
|CONVEX FINANCE (CVX-USDT)||$7.2||₹574||-10%||$50||$464 MILLION|
TOP CRYPTO NEWS
1. CARDANO BECOMES MOST STABLE NETWORK
Cardano, which is one of the most scientifically vetted blockchain network in the crypto space now has added yet another feather to its cap. Cardano has once again proven its reputation as one of the most stable networks in the cryptocurrency industry. This comes with a report that shows Cardano has gone 1760 days without a single network outage, despite multiple periods of heavy workloads in this interim.
2. BITCOIN MINING DIFFICULTY SEES THIRD CONSECUTIVE DAY OF DIPS
On-chain data for the flagship token shows Bitcoin’s mining difficulty’s latest negative adjustment means the metric has now seen three consecutive downspikes for the first time in more than a year. The drop in mining difficulty directly correlated with the dropping of the network hashrate too. This is basically a metric that indicates the competition between mining rigs on the Bitcoin network to complete a block and lower values indicate lower competition between those still on the network.
3. ETHEREUM’S EXCHANGE BALANCES HIT 4-YEAR LOWS
In an unprecedented move amid the bear market, Ethereum’s exchange balances have reached a four-year low. According to data from Glassnode, the total number of ETH held on exchanges remained under 20 million, as on 22 July, 2022. This indicates that more investors are buying up crypto from the exchanges and transferring them to personal cold wallets for long term HODLing. This metric clearly points out the beginning of a trend – indicating the return of the HODLers and thus a possible positive momentum going forward.
GLOBAL CRYPTO MARKET OVERVIEW
So, the overall crypto market cap, despite a minor fall has managed to sustain above two of the major coinciding support levels, both the 50-day moving average and the trendline support (marked in orange). This comes in continuation from 22 July’s analysis, with the market sustaining above crucial levels. Going ahead, if we can sustain above that – there wouldn’t be anything to worry for crypto traders and investors.
From the looks of it, there wouldn’t be any major reason to trigger a major downside for the week ahead. That being said, a new development may pop up any time and can trigger a negative action on the price charts.
The Relative Strength Index also seems to be in a comfortable place for an eventual resumption of the rally on the charts. So this indicator also suggests that we can see a continuing leg up post this phase of profit booking.
In line with the broader market, Bitcoin saw some value shedding over the weekend. However, unlike the broader crypto market price action – Bitcoin’s prices have broken down below the 50-day moving average and has touched the trendline support (marked in purple).
Now this presents a slightly worrisome scenario for Bitcoin investors specifically since a breakdown below this level could bring Bitcoin prices back down to sub-$20,000 region. However, egged on by the broader market if it is able to sustain above the line and again convincingly breakout of the 50-day moving average.
The Relative Strength Index is still largely at a comfortable region to support upward action, if and when it comes about. Currently trading at 50, if there is a recovery – the RSI would be able to support the recovery going forward.
Additional Read: Bitcoin Price Prediction Weekly
CRYPTO MARKET: THE WEEK AHEAD
In conclusion, with Bitcoin hovering around $22,000 and the crypto market barely trying to hold on to the $1 trillion mark, it can be assumed the comfort that traders felt last week isn’t there as of now. Things are a little tense, especially in the case of Bitcoin as a breakdown below $21,000 would immediately push to back below sub-$20,000 range and could even touch lower levels amid heavy selling pressures. So it is extremely important that investors take care before entering a trade in this market.
Prices as of 25th July, 2022
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