After three consecutive days of gains, the crypto market finally saw some profit booking and the broad base of the market saw losses across the board. The total crypto market cap is currently around $1.04 trillion, down about 3.8% from yesterday’s levels, according to CoinMarketCap. The total crypto market volume over the last 24 hours is $97.19 billion, which makes a 3.34% decrease.
Along with that, the total volume in DeFi is currently $8.41 billion, at about 8.66% of the total crypto market 24-hour volume. The volume of all stable coins is now $88.53 billion, which is 91.09% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Bitcoin managed to lose less in the losses over the past 24 hours – and is currently trading at around $22,900, down about 2% from yesterday. This is good as opposed to the broader market which fell 3.4% in the same timeframe. This indicates that Bitcoin is able to hold on to its gains better than the rest of the market and thus, becomes an anchor in a crypto portfolio to protect against major drawdowns.
Like Bitcoin, Ethereum too managed to sustain its price and didn’t fall too far below the crucial psychological level of $1500. Currently trading at around $1488, it is only down about 4.7% from yesterday’s figures.
Check out latest Ethereum INR Price , Chart, and Data.
Also, as can be expected in a day like today – hardly any altcoin managed to gain anything significant. Privacy focused crypto – Monero somehow managed to gain around 2% as of writing this article and almost every other coin in the top 100 by market cap is seeing red on the charts.
On the flip side, some of the biggest gainers in the past week and a half have turned out to be the biggest losers today. Altcoins like Gala, Zilliqa (ZIL), Polygon (MATIC) and Quant (QNT) were some of the biggest losers over the past 24-hours, each having lost 12.7%, 12.2%, 12% and 11.7% respectively.
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.04 trillion|
|Rise/Fall in crypto market cap||-3.8%|
|Global DeFi TVL||$101.3 billion|
|Rise/Fall in DeFi TVL||-2.4%|
TOP CRYPTO PRICES TODAY, 21ST JULY, 2022:
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (24-HOUR)||ATH||MARKET CAP|
|MONERO (XMR-INR)||$150||₹12970||2%||$533||$2.7 BILLION|
|HELIUM (HNT-INR)||$9.3||₹820||-11.2%||$60||$1.1 BILLION|
|BASIC ATTENTION TOKEN (BAT-INR)||$0.38||₹31.5||-11.7%||$2||$582 MILLION|
|LOOPRING (LRC-INR)||$0.41||₹34.3||-11.8%||$3.9||$555 MILLION|
|ZILLIQA (ZIL-INR)||$0.04||₹3.34||-12%||$0.25||$527 MILLION|
|AXIE INFINITY (AXS-INR)||$15.2||₹1331||-12%||$171||$1.25 BILLION|
|WAVES (WAVES-INR)||$5.5||₹479||-12.5%||$63||$604 MILLION|
|GALA (GALA-INR)||$0.05||₹4.4||-13.5%||$0.8||$367 MILLION|
|FANTOM (FTM-INR)||$0.3||₹25||-13.8%||$3.6||$773 MILLION|
|LIDO DAO (LDO-USD)||$1.47||₹118||-14%||$3.35||$459 MILLION|
Most of the crypto market was in the red today, hence only one coin, Monero (XMR) was able to make any reasonable gains while almost all other major cryptos lost market cap over the past 24 hours.
Additional Read: Tesla Sells 75% of its Bitcoin Holdings
TOP CRYPTO NEWS TODAY
1. CARDANO (ADA) NOW AVAILABLE TO TRUST WALLET USERS
The Cardano ecosystem is continuously expanding and most recently it announced the integration with the Trust Wallet. This non-custodial crypto wallet already supports over 3 million digital assets and this move will give the Trust wallet users, which totals well over 50 million, to access and transact ADA directly from their Trust Wallet app.
2. UK TO REGULATE STABLECOINS AS A FORM OF PAYMENT
The UK’s Treasury announced that it will seek to regulate ‘certain types’ of stablecoins as a form of payment in a wide-ranging financial bill. This bill is a very broad one that is meant to phase out hundreds of pieces of the EU-retained law. This bill is also expected to provide the government with new powers to direct regulators to review their financial rules under for the public interest.
3. FIFA FILES TRADEMARK APPLICATION FOR A METAVERSE
From the world of sports, FIFA has recently filed for a trademark application for World Cup 2026 – involving cryptos and the metaverse. Its filing includes everything from virtual avatar clothing, sports gear, crypto exchanges and processing services. While the World Cup 2026 trademark application was filed earlier this month, in April, FIFA also filed trademark applications for the World Cup mascot La’eeb.
GLOBAL CRYPTO MARKET OVERVIEW
So, something that we can observe from the chart above is that despite the slight correction we have seen over the past 24 hours in the overall crypto market cap, it is still holding on about the trillion dollar mark. This will serve as a critical point of support for the overall market. Also, it is still holding on above the 50-day moving average too – so the immediate short term trend hasn’t turned around either.
Along with that, this minor correction allows the Relative Strength Index to cool down and retreat back to a comfortable position to lend out support to the market when the rally resumes. Thus, there is nothing to worry as of now in the market and such small corrections are part and parcel of a bullish price action.
BITCOIN PRICE TODAY
Coming to Bitcoin’s price action today – it can be considered to be pretty strong. This is due to the fact that Bitcoin has lost much less than what the overall crypto market has lost. While the global crypto market cap has shed over 3.8%, Bitcoin has only lost around 2%. Thanks to this difference, Bitcoin has managed to gain more of the market cap dominance – rising from 40.3% yesterday to around 42.7% today.
This indicates that Bitcoin is able to better hold on to its gains as compared to the rest of the crypto market. Also, as of writing this, the flagship crypto token has managed to sustain above the 50-day moving average and hence there is no cause for concern for Bitcoin investors just yet.
Additional Read: Bitcoin Price Prediction
CRYPTO MARKET: THE WEEK AHEAD
In conclusion – a day in the red like this isn’t something that should frighten investors. In fact, small correction are usual and even considered to be healthy amid a recovery. A bull run with no intermediate corrections to absorb the momentum can have devastating results whereas a slow and steady recovery like this tends to last longer. The biggest crucial point is that the crypto market cap is still above the trillion dollar mark which exudes some positivity that is still there in the market and there’s nothing much to worry. This can also be taken advantage by means of dollar cost averaging in case investors have a bit of cash lying around.
Prices as of 21st July, 2022
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