As a seasoned cryptocurrency investor with years of experience under my belt, I find myself closely observing the current market trends. The bulls seem to have taken the reins, and it appears that Dogecoin’s upward surge might continue, given the present situation.
I’ve noticed Bitcoin (BTC) is edging closer to the $57,000 threshold, having surged nearly 4% over the last day. As a bullish BTC investor, I see efforts being made by market forces to push the price back within its established range, suggesting that the recent downtrend has been rejected. Yet, despite Bitcoin’s recent recovery, it seems that the crypto space as a whole and associated startups have failed to ignite fresh interest among investors.
Based on Eva Beylin, the director at Graph Foundation, there’s an increasing focus on AI startups which might be drawing investment away from crypto and crypto-related ventures. This trend seems to indicate that investor enthusiasm for crypto could be waning, even in a growing market. However, Beylin also speculates that the decreased interest may stem from insufficient knowledge about recent advancements within the crypto sphere.
BTC Fails To Turn Investor Interest
As a crypto investor, I’ve noticed an intriguing observation from Graph Foundation: AI firms are managing to amass larger sums of capital with fewer funding rounds compared to the crypto sector. For instance, Xai, Elon Musk’s AI venture, reportedly bagged a staggering $6 billion in a single round. On the other hand, data from Pitchbook reveals that crypto firms could only raise $2.7 billion during Q2 of 2024, which represented a modest 2.5% increase. However, it’s worth noting that the number of such deals decreased by a more substantial 12.5%.
Given that the cryptocurrency market has traditionally provided high returns for initial investors, venture capitalists (VCs) are still emphasizing early-stage investments. The limited number of Initial Public Offerings (IPOs) may have temporarily reduced interest in growth equity rounds, causing VCs to place more emphasis on early-stage opportunities.
Bitcoin And Ethereum ETFs Continue To Bleed Out
While Bitcoin (BTC) has registered an impressive recovery that has put it within touching distance of the $57,000 price level, spot Bitcoin ETFs have continued to struggle. Over the past few days, the recent weakness has resulted in outflows totaling a staggering $1.2 billion from US-based spot Bitcoin ETFs. Julien Bittel, the head of Macro Research, stated that he believes BTC’s price action is similar to that of 2019 and could be nearing an inflection point, following which major price movements could be seen.
Spot Ethereum ETFs have also registered a negative net flow. Data from Farside Investors shows that spot Ethereum ETFs registered a net outflow of $6 million on September 6. Some ETFs, such as BlackRock’s ETHA and Fidelity’s FETH, have registered some inflows. However, Grayscale’s ETHE ETF has registered such significant outflows that it has pushed the net flow negative. Several factors are behind the lackluster performance of ETH ETFs.
Over the past couple of years, I’ve noticed a significant decrease by 50% in the value of Ethereum relative to Bitcoin, prompting many ETH users like myself to consider alternative investments or explore Layer-2 solutions. The inflationary nature of Ethereum has been a concern for me as well, and recent updates such as Proto-Danksharding have aimed to lower Layer 2 transaction fees. This reduction in fees could potentially impact Ethereum’s overall earnings in the long run.
Kamala Harris’ Policy Positions Don’t Mention Crypto Or Bitcoin
2020 Democratic presidential contender Kamala Harris has unveiled her proposed policy stances if elected. Interestingly, her proposals do not touch upon Bitcoin or any other digital currencies. Her campaign website emphasizes promoting American ingenuity and labor, advocates for advancements in the AI field, and underscores the significance of nurturing advanced technologies for future development.
While some observers interpret the statement as a hint towards cryptocurrency, it’s important to note that the Democratic presidential candidate has not explicitly discussed crypto yet. Cryptocurrency analysts are closely monitoring the election results, anticipating that the outcome could have a substantial influence on investor attitudes, regulatory frameworks related to crypto, and the expansion of digital assets.
As a researcher, I can’t emphasize enough the significant role upcoming elections are likely to play in determining the trajectory of digital assets, blockchain applications, and the broader cryptocurrency landscape.
Bitcoin (BTC) Price Analysis
Yesterday, I witnessed a nearly 4% surge in the value of my Bitcoin (BTC), briefly pushing it back above the $57,000 mark before it dropped to its current level of $56,900. Earlier in the day, BTC peaked at an intraday high of $58,100, but a robust resistance at higher levels caused the price to dip below $58,000. The upward momentum for BTC on Monday was fueled by a robust recovery in traditional stocks, which had taken a hit last week. However, despite this growth, my Bitcoin remains 3% down for September and over 20% lower than its record high in March. As per Greg Cipolaro, the global head of research at NYDIG, BTC is currently lacking a significant near-term catalyst to ignite a strong bullish trend.
“Unfortunately, potential upcoming near-term catalysts for bitcoin are sparse at the moment.”
Historically speaking, Bitcoin’s prices tend to be relatively low in August and September. Conversely, October and the end of the year are often periods of robust price movement. Right now, the road towards $58,000 and beyond for BTC is obstructed by a substantial resistance at around $57,000.
Looking at the Bitcoin price graph, we observed a dip to a possible bottom at $52,622 on Friday. Subsequently, increased demand caused it to climb above $54,000. By the end of the week, BTC was trading at $54,205, recording a 3.54% decrease. However, over the weekend, there was a slight recovery with a minimal increase on Saturday and a 1.25% rise on Sunday, pushing the price close to the $55,000 level at $54,978. BTC reclaimed the $55,000 mark on Monday following an impressive surge of over 4%, reaching $57,079. The day’s peak even touched $58,100, but it retreated to $57,079 due to substantial resistance at higher levels. At the moment, the ongoing session shows a small decline as traders aim to drive BTC below the $57,000 threshold.
At lower price points, bears seem to be struggling to maintain their momentum, leading to a fierce struggle between buyers and sellers over the $57,000 mark. If sellers manage to prevail, Bitcoin (BTC) might fall towards $55,000. In such a case, a further decline could take it down to $52,500. Conversely, if buyers regain control and drive BTC above $57,000, it would suggest sellers are losing their grip. In this situation, Bitcoin could move towards its 20-day Simple Moving Average (SMA) and potentially reach the $59,000 level.
Ethereum (ETH) Price Analysis
Over the weekend, Ethereum (ETH) has been making a gradual comeback compared to Bitcoin, but it hasn’t managed to surpass the $2,400 mark yet. It’s crucial for buyers to maintain the $2,300 level now to prevent a potential drop towards $2,100. The negative outlook for ETH has been building up and saw a substantial rise last week following an unsuccessful attempt to break above the 20-day Simple Moving Average (SMA). This allowed sellers to pull the price down to a low of $2,304 on Wednesday. However, Ethereum recovered due to some underlying demand, ending the day with a slight increase of 1.01% at $2,451.
On Thursday, ETH moved back into a bearish trend, dipping by 3.34% to fall beneath $2,400 and settle at $2,369. The downward pressure persisted on Friday, with sellers driving ETH down to a daily low of $2,150, causing concern that it might drop below $2,000 if the selling pressure continued. However, traders stepped in to capitalize on the dip, raising ETH from $2,200 to $2,226. Despite this, there was still a significant decrease of over 6% compared to the previous day. The weekend saw a surge in demand for ETH, resulting in an increase of 221% on Saturday and 1% on Sunday, settling at $2,298. On Monday, ETH regained the $2,300 price level, rising by almost 3% to reach $2,360. Currently, the session shows ETH in a slight downtrend as both buyers and sellers compete for dominance.
Sellers aim to push the price of ETH down below $2,300. If this happens, the price might fall to $2,100 or even $2,000. However, buyers will do their best to keep the price above $2,300 to prevent further declines. If buyers can regain control and push the price back up to $2,400, it would suggest that bearish sentiments are weakening, potentially leading to a surge towards $2,500 if bulls maintain this momentum.
Solana (SOL) Price Analysis
In the last 24 hours, Solana (SOL) has surged approximately 5%, breaking through the $130 barrier after a significant surge in bullish pressure. This increase in investor interest during the weekend caused the Moving Average Convergence Divergence (MACD) to turn bullish, as depicted in the price chart. SOL, which had been sliding since being rejected from the $160 mark at the end of August, appears to have reached a bottom on Friday when its value plummeted to a low of $120. The $120 support level was tested multiple times and managed to hold each time. On this occasion, demand resurged at $120, enabling buyers to push SOL back above $125. By the end of Friday, SOL closed at $125.11, marking a 3.38% decrease.
Demand picked up over the weekend as SOL registered an increase of 2.16% on Saturday to move to $127.81. A 1.84% increase on Sunday allowed SOL to reclaim $130, a level it had struggled to push above. Sellers attempted to drive SOL back to $120 on Monday as it fell to a low of $127. However, buyers countered the selling pressure, allowing SOL to register an increase of 3.81% and move to $135, a level where it faces strong resistance. The current session sees SOL marginally up as buyers and sellers struggle to gain the upper hand.
If the buyers prevail, it’s possible that SOL might surpass its 20-day Simple Moving Average (SMA) and reach $140, suggesting that the bulls are taking charge. But keep in mind, the sellers might aim to regain control and drive SOL below $130 again.
Dogecoin (DOGE) Price Analysis
On Monday, Dogecoin (DOGE) resumed its weekend recovery by surpassing its 20-day Simple Moving Average (SMA) and the $0.100 mark. The digital currency had been making repeated attempts to exceed the 20-day SMA since August 27, but persistent selling pressure kept it from doing so and maintaining the $0.100 level. A previous attempt on Thursday proved unsuccessful, leading to increased bearish sentiment towards DOGE, which resulted in a nearly 7% drop to $0.092 on Friday, highlighting the potential support at $0.090.
Over the weekend, Dogecoin (DOGE) started to recover, gaining 3.36% on Saturday and 0.94% on Sunday, bringing its value to $0.096. It failed to reach $0.100 at that point. However, things took a turn on Monday as DOGE spiked nearly 8%, breaking through the 20-day Simple Moving Average (SMA) and the $0.100 mark, settling at $0.103. Today, Dogecoin is slightly rising as buyers aim to stabilize and push past the 50-day SMA towards $0.110. The Moving Average Convergence Divergence (MACD) has switched to a bullish trend, suggesting that the bulls are in control and Dogecoin’s upward momentum may persist.
Ripple (XRP) Price Analysis
Ripple’s (XRP) upward momentum has halted near the $0.54 price point due to significant resistance at $0.55. On Thursday, XRP dipped below its crucial support level of $0.55 and the 200-day Simple Moving Average, causing a 2.43% decrease. The market sentiment turned bearish on Friday, with XRP reaching an intraday low of $0.50. However, as buying interest grows at this level, there might be a slight rebound towards $0.52. Despite this potential recovery, XRP ended the day with a further decline of 4.40%.
Over the weekend, the upward trend for XRP strengthened, recording a 0.77% rise on Saturday and a 0.88% increase on Sunday, placing it at $0.52. Kicking off this week, XRP continued its climb towards $0.55, gaining nearly 2%, pushing the price up to $0.53. At present, XRP is experiencing a slight uptick as buyers aim to gather momentum for surpassing $0.55.
Cardano (ADA) Price Analysis
Cardano (ADA) surged over the weekend as it reclaimed a crucial level, which is a clear indication that bears are losing their grip and bulls are gaining momentum. ADA dipped below $0.32 on Tuesday, when it fell to $0.31 after a drop of 5.36. Sellers attempted to drag ADA below $0.30 on Wednesday, but bulls defended the level, eventually gaining the upper hand and pushing the price up by 1.57% to $0.32. However, with sellers having flipped this level, ADA could not push higher. An attempt to reclaim this level was thwarted once again on Thursday, with buyers only able to push the price up by 0.62%.
On Friday, the selling force grew significantly, causing ADA to dip to a low of $0.30. However, robust demand at lower levels allowed buyers to hold this line. Consequently, ADA fell by 3.08% and closed at $0.34. Over the weekend, ADA showed remarkable resilience, climbing up by 3.49%, reaching $0.32. The price surged beyond this level on Sunday after a 3.99% increase, moving to $0.33. On Monday, buyers tried to push ADA above its 20-day Simple Moving Average but were prevented due to intense selling pressure. Nevertheless, ADA still managed to rise by 1.18% and reached $0.34. Currently, sellers are trying to drive the price back toward $0.32 in the ongoing session.
Should ADA be successful, it might decline to around $0.32. If it falls below this point, there’s a possibility it could slide further down to $0.30 or even lower prices.
Tron (TRX) Price Analysis
Tron (TRX) registered an impressive rally over the weekend. However, its upward push has stalled thanks to the resistance at the $0.155 level. TRX had been trading in a downtrend since August 26 and hit a low of $0.146 as bearish sentiment peaked. However, thanks to strong support around $0.145, TRX recovered over the weekend, starting with an increase of 2.55% on Saturday to reclaim $0.150 and move to $0.151. TRX continued to push higher on Sunday, rising by 1.30% and moving to $0.153.
As a crypto investor, I started this week optimistic as Tron (TRX) showed a slight increase of 0.57%, pushing its value up to $0.154. However, a formidable resistance at $0.155 has halted TRX’s progress during today’s trading session, causing it to dip nearly 1%. It seems sellers are eager to push the price back towards $0.150.
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2024-09-10 15:12