As a seasoned trader with years of experience under my belt, I find myself intrigued by the current market dynamics of these three cryptocurrencies – TON, Cosmos (ATOM), and Akash Network (AKT).
Bitcoin (BTC) dipped from near $64,000 in late Wednesday trading, having briefly touched a high of $64,780, slightly below the significant $65,000 mark. The broader cryptocurrency market experienced a minor setback, with the total market capitalization decreasing by 0.82% to approximately $2.23 trillion. Bitcoin has dropped by nearly 1% over the past day but may try to rebound above $64,000 if buyers can regain their pace.
As Bitcoin dipped, overall crypto market values reached unprecedented monthly peaks, with a total market capitalization of about $2.25 trillion – close to previous month’s levels. These new highs in the market may indicate potential buying opportunities, suggesting a break from the prolonged downtrend. Research group 10x predicts Bitcoin could reach new record highs in October, fueled by the Federal Reserve’s interest rate reduction and upcoming payments to FTX exchange creditors.
Spot Bitcoin ETFs See Inflows
On Tuesday, Bitcoin ETFs experienced a significant surge in investments totaling approximately $136 million, marking the largest inflow in nearly a month. This is equivalent to around 2,132 Bitcoins, which is five times the daily amount being taken out of circulation. Similarly, Ethereum ETFs saw inflows worth $62.5 million, making it the third-largest inflow since the introduction of Ethereum ETFs. This influx followed Ethereum ETFs recording their largest outflows since July just a short while ago. Despite these strong inflows, Ethereum ETFs continue to show a net loss of $624 million since they were listed on July 23.
The reduction in Federal Reserve rates appears to have fueled Ethereum’s growth at a rate double that of Bitcoin. This is evidenced by the rising positive funding rates for ETH-based perpetuals, suggesting increased interest in leveraged short positions. QCP Capital has commented on an increasing preference for Ethereum call options over puts in the market. Furthermore, the implied volatility of Ether contracts is 9% higher than that of Bitcoin, reflecting enhanced optimism and potential for larger price fluctuations.
Analyst Eyes Selling Opportunities
Based on a cryptocurrency expert’s analysis, the decrease in interest rates by the Federal Reserve had already been factored into the crypto market prices. This expert also suggested that the current situation might be advantageous for considering opportunities to sell. Aurelie Barthere, a leading research analyst at blockchain analytics firm Nansen, expressed this viewpoint.
“The increase in the Federal Reserve’s stimulus, or ‘Fed put’, was expected by financial markets last week, suggesting that the Fed may have been responding to market expectations. This move could further fuel the ongoing bull market in cryptocurrencies and other risk assets, as investors have already priced in a significant amount of this risk.
AI-Focused Cryptocurrencies Lead Charge
Over the last week, the cryptocurrency market has seen a robust and substantial rise, particularly in sectors focusing on artificial intelligence. These AI-centric digital assets have been spearheading this growth, breaking new records. The total value of the AI crypto market is now almost $25 billion, with Bittensor (TAO) being a standout performer. At one stage, TAO soared by nearly 90%, surpassing $500 and reaching the resistance level of $560. Arkham Intelligence (ARKM) saw an increase of more than 50%, while Graph (GRT) rose by approximately 31.45%. Other notable gainers in the AI crypto space include Artificial Superintelligence Alliance (FET), which climbed by almost 25%, and Worldcoin, which increased by 23.12%.
With the latest jump in value, the AI crypto sector has grown by almost 350% since November 2023.
PayPal, a leading payments company, unveiled that American companies can now handle cryptocurrencies like Bitcoin, Ethereum, etc., directly from their business accounts. This new feature allows these businesses to buy, sell, store, and exchange digital currencies, providing them with the same services as individual owners of businesses. Yet, at the initial launch, this service will not be accessible for business owners in New York State. This development underscores the growing interest among companies and entrepreneurs to involve themselves in cryptocurrencies, using them for investments, transactions, and settlements.
As per Jose Fernandez da Ponte, PayPal’s Senior Vice President for blockchain, this upcoming feature is designed to enable business owners to effortlessly interact with digital currencies.
With this new feature, small business owners can easily interact with digital assets without encountering any obstacles.
As a researcher, I find it noteworthy to mention that this platform enables merchants to move their digital assets in and out of various wallets, offering a significant benefit for those who prefer managing their digital assets beyond PayPal. This flexibility empowers businesses to explore diverse methods of asset management.
Bitcoin (BTC) Price Analysis
As a crypto investor, I observed Bitcoin (BTC) slipping under the $64,000 mark as the momentum sparked by the rate cut began to weaken. This dip was influenced by several factors: weak macroeconomic data, apprehensions about a potential stock market correction, and the US election’s impact on investor sentiment. The Fed’s announcement of a 50 basis points rate cut had initially propelled BTC from $59,500 to nearly $65,000. Yet, the resistance at $64,500 and $65,000 proved to be an insurmountable hurdle, causing the buying momentum to fade away.
Beyond these anxieties, the impact of the approaching U.S. presidential election and the possibility of a stock market bubble are causing concern among investors. The attention of financial analysts is particularly drawn towards Democratic nominee Kamala Harris and her views on cryptocurrency. As per Alex Svanevik, the Democratic party has been creating an unfavorable climate for cryptocurrencies. Supporters of Bitcoin are hoping for a Republican victory, expressing their backing for Donald Trump.
Examining the price graph, it appears that Bitcoin’s recent surge has halted near the $64,500 and $65,000 range due to sellers impeding further growth towards higher prices. Market observers anticipated a push beyond $65,000 and potential advancement towards $70,000, but this hasn’t happened yet. Last week, Bitcoin was quite optimistic and reached $64,000 by Friday, but the momentum decreased over the weekend due to increased selling pressure. Bitcoin could only manage minor gains on Saturday and Sunday as the 200-day Simple Moving Average functioned as a dynamic resistance level.
The current week began with BTC experiencing significant volatility as buyers attempted to push above $65,000 and the 200-day SMA, while sellers attempted to drop the price towards $60,000. Ultimately, BTC registered a marginal drop and settled at $63,348. Sellers pushed BTC to a low of $62,744 on Tuesday, but it quickly recovered as buying activity picked up. As a result, BTC pushed above $64,000 and settled at $64,275. With strong selling pressure at this level, BTC fell back in the red on Wednesday, dropping back below the 200-day SMA to $63,167. The current session sees buyers back in control, with BTC up by almost 1% and trading around the $63,800 mark.
Despite intense downward pressure, buyers have managed to maintain Bitcoin (BTC) prices above $63,000, suggesting potential support at this level. If these buyers mount a strong push from here, BTC could surpass its 200-day Simple Moving Average (SMA) and $65,000, potentially reaching $70,000. Conversely, sellers aim to pull BTC below $62,000 and possibly even below $60,000.
Ethereum (ETH) Price Analysis
As a crypto investor, I observed that Ethereum’s (ETH) advance towards $2,700 halted on Wednesday due to selling pressure pushing it down to $2,580. Yet, if ETH manages to hold above the crucial support level of $2,500, it could potentially pave the way for a journey to $3,000. Last week, ETH experienced a significant surge fueled by renewed investor interest, allowing it to breach key resistance levels and dampen the bearish sentiment that had been prevalent around the altcoin over the last few months. Consequently, ETH surpassed its 20-day Simple Moving Average (SMA) last Thursday and then crossed above the 50-day SMA on Friday, closing at $2,561. The momentum continued over the weekend as ETH climbed above $2,600 on Saturday and settled at $2,600. However, it took a downturn on Sunday when selling pressure drove it down to $2,525 before recovering slightly to settle at $2,583 after a 1.19% decline.
To begin this week, Ethereum (ETH) made a significant move towards $2,700 and even reached $2,704 as its peak. Yet, sellers managed to drive ETH down to $2,647. Despite facing considerable resistance at the $2,700 mark, ETH barely registered a small increase on Tuesday before sliding again on Wednesday, losing nearly 3% to trade at $2,580. The ongoing session shows Ethereum trading above $2,600, currently standing at $2,632 after a rise of more than 2%.
Could ETH potentially reach $3,000 again? At present, ETH is in a period of consolidation. If it experiences a significant drop to around $2,500 and then bounces back strongly, there’s a chance we might see ETH touch the $3,000 mark. However, before this can happen, ETH must first break through the heavily guarded resistance at approximately $2,700.
Solana (SOL) Price Analysis
Solana’s price is aiming for the $155 and $160 price points following its regain of the $150 level, which has also led to a 1.12% rise in its market capitalization. Notably, Solana made a robust comeback last week, with bullish sentiments growing stronger as the week drew to a close, particularly on Thursday when it experienced a 6.36% surge, surpassing its 50-day Simple Moving Average and settling at $142. The bullish momentum continued into Friday, with buyers pushing Solana’s price up to a day’s high of $152. However, sellers stepped in to restrain the price increase, resulting in Solana ending the day at $146 after a 2.67% rise.
The weekend saw SOL register an increase of 1.90% on Saturday to move to $149.50. However, with sellers actively defending $150, SOL fell back in the red, dropping to $144 after a decline of 3.20%. The current week began with SOL experiencing intense volatility as buyers and sellers struggled to exert control. In the end, SOL could register only a marginal increase and remain at $144. Bullish sentiment returned on Tuesday as SOL reported an increase of 5.50%, pushing above $150 to settle at $152. Sellers pushed SOL back below $150 on Wednesday as SOL dropped by 3.12% to $148. The current session sees SOL up by 2.34% and trading at $151.49.
If buyers maintain SOL‘s price above $150, there’s potential for it to rise to around $155 and $160. A surge beyond these levels might lead to a target of approximately $190. Conversely, sellers aim to drive the price back below $150, possibly pushing it towards the support level of $140.
Dogwifhat (WIF) Price Analysis
In the past 24 hours, the meme coin Dogwifhat (WIF), built on Solana, has surged nearly 11% following its breakthrough over $2 on Tuesday. However, WIF had faltered on Friday due to intense selling pressure that prevented it from sustaining a rise above $2. Despite reaching a peak of $1.90 on Friday, it dipped back down. Over the weekend, WIF experienced significant selling pressure and touched a low of $1.66 on Saturday before rebounding slightly to close at $1.77 after experiencing a slight dip. On Sunday, sellers regained control, causing WIF to plummet by nearly 5%, ending the weekend at $1.69.
WIF began the current week positively, registering an increase of almost 2% and moving to $1.74. Tuesday saw bullish sentiment intensify as WIF surged almost 15% to settle at $1.99. Buyers reached a day high of $2.13 on Wednesday. However, buyers lost steam, and sellers could push the price back down to $2. WIF eventually registered an increase of 1.41% and settled at $2.01, closing above the crucial $2 level. The current session sees buyers firmly in control, with WIF up over 8% and trading at $2.18.
Toncoin (TON) Price Analysis
Despite Telegram’s ongoing regulatory challenges that might lead to the sharing of user data and combating illegal activities, Toncoin (TON) has seen a nearly 3% increase. This uptick comes as TON strives to surpass $6 this week. However, TON is finding it tough to break past its 50-day Simple Moving Average (SMA), having been stuck in a period of sideways movement since last Thursday following its failure to breach the same SMA.
In recent times, TON has been fluctuating between $5.50 and $6, with neither the buyers nor the sellers managing to gain a strong upper hand in determining price trends. The current week started off with a minimal increase for TON, registering a 0.56% rise initially. However, it remained relatively quiet on Tuesday, experiencing a slight dip and ending at $5.62. On Wednesday, buyers attempted to push TON above the 50-day Simple Moving Average (SMA), reaching a high of $5.88. Yet, sellers countered this effort, pushing TON below the 50-day SMA again, and the price eventually stabilized at $5.72. As we speak, buyers are trying once more to move TON above the 50-day SMA and reach $6.
Cosmos (ATOM) Price Analysis
On Saturday, Cosmos (ATOM) surpassed its 50-day moving average, marking a continuation of its rally following a low of $3.91 on September 16. ATOM experienced a 4.48% rise and closed at $4.72 that day. However, sellers tried to push it down on Sunday, aiming to drive it beneath the 50-day moving average and $4.50 level. Consequently, ATOM dropped by 2.58%, ending the day at $4.59. The current trading week started with both buyers and sellers vying for control, resulting in significant fluctuations for ATOM. By the end of the week’s initial days, it had seen a slight decrease and was trading at $4.58.
Yesterday, ATOM bounced back from its 50-day Simple Moving Average, climbing by more than 5% to reach $4.81. However, it experienced a minor dip after failing to push beyond $5 and settled at $4.78. Today, ATOM is showing an almost 2% increase, hovering around the $4.87 mark. If bullish sentiment continues, buyers might aim to drive ATOM up to $5. Conversely, sellers may try to pull the price back below $4.50, potentially causing ATOM to fall towards $4, should that level be broken.
Akash Network (AKT) Price Analysis
On Tuesday, September 17th, Akash Network (AKT) bounced back from its 20-day Simple Moving Average (SMA), and on Thursday, it surpassed the 50-day SMA following a 5.38% surge that took it to $2.68. Sellers tried to seize control on Friday but were thwarted, preventing AKT from falling back towards the 50-day SMA. AKT experienced a minimal decrease before rebounding over the weekend, gaining 2.42% and settling at $2.74. On Sunday, buyers aimed to push AKT above $3, reaching a daily high of $2.96. However, with sellers present at higher levels, AKT retreated, ultimately closing at $2.83 after an almost 3% increase.
Monday began with buyers remaining in control as AKT moved to $2.90 after registering an increase of 2.58%. However, with selling pressure increasing on Tuesday, AKT fell to a day low of $2.77 before recovering and settling at $2.91, posting a marginal increase of 0.38%. Sellers took control on Wednesday after a failed attempt to push above $3. As buyers lost momentum, sellers drove the price down by 3.36% to $2.81. The current session sees AKT up by just over 1% and trading at $2.84. Buyers will look to build momentum and push AKT past $3. On their part, sellers will look to re-establish control and drive AKT towards $2.50.
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2024-09-26 13:24