Bitcoin and Ether rose over 3% to reach their highest prices in a week, while Solana, NEAR, Cardano, Polkadot, and Binance's altcoins also experienced gains, following a surge in traditional markets; however, experts predict that the downtrend in digital assets may continue for the next few weeks.
Bitcoin has made a significant move upwards, approaching $27,000 after days of stagnation, although other cryptocurrencies such as SOL, ADA, TON, and MKR have outperformed it.
The cryptocurrency market has experienced a recent decline in prices, particularly for Bitcoin, Ethereum, and Dogecoin, leading to concerns among traders and investors. Despite this, there is optimism surrounding the performance of the top 5 altcoins (DOGE, SHIB, SFP, OCEAN, FET) in the coming weeks, with AI-driven projects generating hype and potential gains.
Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Former Goldman Sachs executive Raoul Pal believes that Bitcoin may be on the verge of a massive rally, based on the historical volatility of the cryptocurrency dropping below 20, a level that has preceded significant price increases in the past. Pal also notes that Bitcoin's Bollinger Bands, a volatility indicator, are the tightest they have ever been, further indicating the potential for a strong upward movement. Ethereum is also highlighted as trading within a bullish pattern despite recent market corrections.
Coinbase's stock experienced a significant surge after a federal judge ruled in favor of Grayscale in their SEC dispute, leading to hopes of a potential Bitcoin ETF and increasing the value of COIN by over 15%.
Crypto analyst Michaël van de Poppe suggests that altcoins, including Ethereum, are following a historical pattern before Bitcoin halving events, indicating a potential bullish move in the market.
Bitcoin pulled back from its all-time high above $28,000 as investors analyzed the implications of Grayscale's court victory against the SEC, with the cryptocurrency dropping 2% to $27,240, while Ether decreased 1.7% to just above $1,700, leading to a decline in the broader crypto market.
A blue-chip altcoin, Chainlink (LINK), may experience a bullish rally based on various analytics, while whales and sharks have accumulated $71 million worth of Maker (MKR) tokens, and Bitcoin Cash (BCH) has seen a price rebound, according to Santiment.
Bitcoin is likely to experience a deep corrective move in September, with a potential drop of over 10% from current levels, according to crypto strategist Benjamin Cowen, who also suggests that the altcoin markets may see a resurgence next year due to a confluence of macro tailwinds.
A web3 decentralized social network altcoin, CyberConnect (CYBER), reached a new all-time high of $15.36, experiencing a significant increase of 308.9% in just one week, possibly influenced by Binance's new trading services and promotional campaign.
Some altcoins like OKB, Ocean Protocol (OCEAN), Bitcoin Cash (BCH), and Toncoin (TON) show potential for bullish trends in September, with OKB potentially hitting a new all-time high at $72.10. However, a breakdown in the support areas could result in bearish trends for these cryptocurrencies.
The top crypto exchanges in the world are dominating the market, with the eight largest platforms accounting for over 91% of market depth and 89% of trading volume, according to crypto insights firm Kaiko. Binance remains the leading exchange, with a market share of 64.3% in 2023, but liquidity is concentrated within a few exchanges, leading to concerns about decentralization. Altcoin liquidity has also suffered due to regulatory issues in the US, with Coinbase, Kraken, and Bitstamp holding the majority of altcoin liquidity.
The VeChain (VET) price increased by 12% on September 13 due to the announcement of its listing on Coinbase, with the reaction to the $0.016 area being crucial in determining the future trend, as a break above will confirm a bullish trend reversal while a rejection may lead to a significant drop in price.
Bitcoin and major tokens experienced slight gains following concerns over the FTX court case ruling, with BTC rising 1.5% and Ether nearing $1,700; however, bearish sentiment remains among professional traders.
The price of Bitcoin is slightly lower but still up 2% from a week ago, as concerns over a potential market dump by FTX are mitigated by positive news from Franklin Templeton and Deutsche Bank, although altcoins show weakness.
The toncoin cryptocurrency has surged 70% in the past month, reaching a market capitalization of $8 billion, after being integrated into the Telegram messaging app and gaining access to its 800 million users.
Bitcoin (BTC) is showing signs of a relief rally as it aims to end the week in positive territory, with the potential for further upward movement if it maintains above $26,500; meanwhile, select altcoins like Maker (MKR), Aave (AAVE), THORChain (RUNE), and Render (RNDR) are also experiencing positive developments.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Crypto analytics firm Santiment reports that the prices of eight altcoins are poised to rise, as the supplies of their native tokens on exchanges decrease and transactions by whales increase, while Bitcoin's social dominance has fallen to a three-month low.
Bitcoin's price has increased by 60% since the beginning of the year, reaching $26,972, while Ethereum's price has risen by 40% and now trades at $1,672; the approval of VanEck's Ethereum Futures ETF likely contributed to the recent boost in Ethereum's price.
The native altcoin for the decentralized finance (DeFi) ecosystem built on the Tron blockchain, JUST (JST), surged by over 22% in one day due to the rollout of new mining rewards.
Bitcoin surged over $28,000, experiencing a sudden spike and potentially driven by a short squeeze in the futures market, while Ethereum also rose above $1,700 for the first time in five weeks, contributing to a positive overall sentiment in the crypto market.
Ethereum-based altcoin Chainlink (LINK) is predicted to experience a final correction before doubling in price, potentially reaching $12-$15 by 2024, according to crypto strategist Michaël van de Poppe, who expects other altcoins to continue gaining momentum as long as Bitcoin remains consolidated. Bitcoin, on the other hand, could rally to $30,000 if it successfully retests the $26,700-$26,900 range.
Bitcoin rose nearly 1% in the past day, but altcoins like TON, AAVE, and MKR are leading the surge in the crypto market, with MKR up over 3% due to its Endgame Plan generating revenue from real-world assets.
BIGTIME, a new gaming altcoin, has experienced a significant increase in value after being listed on several top crypto exchanges, reaching a high of $0.333 and gaining more than 267% in a week.
