After two days of some bearishness in the crypto market this week, crypto prices today managed to recover ever so slightly, and was led by all the heavyweights. The global crypto market cap around $1.06 trillion, it is about 1% up from 24-hours ago. According to CoinMarketCap, the total crypto market volume over the last 24 hours is $75.30 billion, which marks a 0.72% decrease.
The total volume in DeFi is currently $7.02 billion, 9.33% of the total crypto market 24-hour volume. The volume of all stable coins is now $69.89 billion, which is 92.81% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
This minor recovery in the market cap wasn’t however, led by Bitcoin this time around. Bitcoin prices are currently trading almost at the same level as yesterday, just shy of $22,900, up less than half a percent. Continuing its earlier trend, BTC prices hasn’t been able to sustain above the $23,000-$24,000 level and has fallen below it within a matter of days. But as mentioned yesterday, it’s a good thing that Bitcoin – being the coin with the largest market cap – moves in a slow and steady manner. while Bitcoin won’t give you extraordinary returns when compared to all the smaller alts, it will however, be a better hedge against the downside as it has done multiple times in the past.
Ethereum price has managed to recover slightly more in percentage terms than the king coin. ETH prices are trading just above the $1610 level, recovering from below $1600 that it hit yesterday. It managed to recover over 2.5% in the past 24-hours.
Additional Read: Ethereum Price Prediction Weekly
However some of the biggest gainers in the past 24-hours in the crypto market include Lido DAO (LDO), Optimism (OP) and Synthetix (SNX) - these crypto prices saw rallies over 17.6%, 17% and 13% respectively. Some other major gainers include Ethereum Classic (ETC), ApeCoin (APE), VeChain (VET) and Cronos (CRO).
Some other crypto prices saw losses on their books too. One of the most striking being yesterday's biggest gainer - Chiliz (CHZ) has lost nearly 6% in the past 24 hours. Other losers include Solana (SOL), THETA Network (THETA) and Huobi Token (HT).
Additional Read: Top Cryptos to watch this Week
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.06 trillion|
|Rise/Fall in crypto market cap||1%|
|Global DeFi TVL||$87 billion|
|Rise/Fall in DeFi TVL||-1%|
TOP CRYPTO PRICES TODAY, 3rd AUGUST, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||MARKET CAP|
|LIDO DAO (LDO)||$2.28||₹179.6||17.6%||$713 MILLION|
|OPTIMISM (OP)||$1.6||₹126||17.3%||$389 MILLION|
|SYNTHETIX (SNX)||$3.8||₹330||12.8%||$438 MILLION|
|APECOIN (APE)||$7||₹581||10%||$2.1 BILLION|
|ETHEREUM CLASSIC (ETC)||$36.7||₹3017||9%||$4.95 BILLION|
|VECHAIN (VET)||$0.029||₹2.5||8.5%||$2.1 BILLION|
|HUOBI TOKEN (HT)||$4.3||₹338.8||-1.6%||$667 MILLION|
|THETA NETWORK (THETA)||$1.3||₹115||-3.2%||$1.3 BILLION|
|SOLANA (SOL)||$39.2||₹3375||-3.2%||$13.4 BILLION|
|CHILIZ (CHZ)||$0.13||₹11.9||-5.1%||$815 MILLION|
TOP CRYPTO NEWS
1. SOLANA FACES YET ANOTHER MULTI-MILLION DOLLAR HACK, OVER 8K WALLETS COMPROMISED
The Solana ecosystem fell victim to yet another attack of tragic proportions, with users reporting that their funds have been drained without their knowledge from major hot wallets including Phantom, Slope & TrustWallet. Hot wallets are basically the kind of crypto wallets which are connected to the internet to facilitate easy transactions. Reportedly, the attack has compromised over 8000 wallets thus far, according to blockchain auditors OtterSec. Several Solana addresses have been linked to the attack with those wallets amassing at least $5 million worth of SOL, SPL, and other Solana-based tokens from unsuspecting users.
Additional Read: Solana Wallets Hacked
2. GUCCI NOW ACCEPTING PAYMENT IN APECOIN (APE)
According to the luxury brand, the addition of ApeCoin was made possible with the aid of its crypto payments partner, BitPay. The service is only available to select stores in the United States now. This comes soon after the same company announced back in May 2022 that it will accept digital currencies for in-house purchases, which include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin and a bunch of other stablecoins.
Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3.
— gucci (@gucci) August 2, 2022
3. SOLANA'S NFT MARKETPLACE - MAGIC EDEN TO SUPPORT EHTEREUM NFTs TOO
In a recent announcement, Solana's biggest NFT marketplace, Magic Eden has announced that it will now support Ethereum based NFTs on its own platform. This brings it in direct competition with arguably the largest NFT marketplace out there, OpenSea and we could see its market share shrinking.
GLOBAL CRYPTO MARKET OVERVIEW
With crypto prices across the board exhibiting a humdrum price action, the overall crypto market cap has been somewhat, for the lack of a better word, boring too. It has managed to sustain its levels, with a few tokens rising and fall here and there - nothing much is happening in either direction. But as of now, there aren't any strong signs of immediate quick recovery in prices.
However, from a technical standpoint, this is but natural and the most healthy way of a recovery path for any asset. This is basically the charting way of taking five steps ahead and taking two steps back. Situations where crypto prices which go on and on in any direction, especially upwards, never last. So, current market situation would give very few opportunities to active traders, but is a welcome change for long term investors who were spooked by the extreme volatility in the market.
Continuing from yesterday's analysis - Bitcoin prices, despite seeming weak on the charts do not present any threat just yet. Currently having the biggest market cap and commanding near 42% market dominance - Bitcoin tends to be a bit sluggish and so there is nothing to worry just yet. This could potentially become a buy-the-dip potential for investors and traders but that would require careful research and risk analysis.
However, from a technical standpoint, the BTC prices are still well above the 50-day moving average (marked in cyan blue) and the trendline support (marked in dark blue). The Relative Strength Index is also reasonably stable around 53 and will support any upward move that will eventually come.
CRYPTO MARKET: THE WEEK AHEAD
So pretty much in line with the conclusion that was drawn yesterday, the crypto market trend is still moderately optimistic with some profit booking happening here and there. The current weak status of crypto prices today might seem slightly bearish but so far nothing much to worry about.
Prices as of 3rd August, 2022
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