Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Bitcoin rose 5.8% over the past week to near $24.3K. Ethereum jumped 14.3% to $1970. Top altcoins showed a less consistent performance, ranging from -2.3% (BNB) to +12.8% (DogeCoin) over the previous seven days.
The total crypto market capitalisation increased by 5.7% over the week to $1.18 trillion, according to CoinMarketCap. The Bitcoin dominance index fell by 0.5 points to 40.2%. The cryptocurrency Fear and Greed Index rose to 45 by Monday versus 30 a week earlier and is now on the verge of transitioning from 'fear' into 'neutral' territory.
Bitcoin maintains upward momentum with steady but slight gains above previous local highs. Since Thursday, BTCUSD has sold off on repeated attempts to climb above $25K. In illiquid trading on Monday morning, the price managed to climb higher but is now pulling back to $24.5K. Despite the futility of the bulls' attempts to warm up the price, the sellers' overhang remains strong.
Ether has recently been above the market but selling off near $2000 since late last week. Investors, many of whom are retail traders and putting a higher value on the round numbers, are taking profits from the rally that has doubled the price since July.
News background
The EthereumPoW project (ETHPow) reported codebase readiness and broad support for the future fork of the Ethereum network from miners, hardware manufacturers and the crypto community. Ethereum's transition to PoS will occur on 15 or 16 September, 3-4 days earlier than the estimated date. According to Santiment, crypto whales and institutions are buying ETH ahead of the September upgrade.
The creators of the anonymous cryptocurrency, Monero, carried out another network hardfork, reducing block size and increasing transaction speed and confidentiality. Cybersecurity company Netskope warned digital asset owners of increasing phishing attacks using Google Sites and Microsoft Azure SEO tools.
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Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
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