As a seasoned analyst with over two decades of experience in both traditional finance and the burgeoning crypto market, I have witnessed numerous market cycles – some bullish, others bearish. Yet, none have been as unpredictable as this one we’re currently navigating through.
Over the past week, the combined value of all cryptocurrencies has dropped by over $110 billion, reinforcing a downward trend that’s been impacting the industry for several months now. This decline brings the total market capitalization of cryptocurrency closer to the $2 trillion mark.
Without a doubt, the downturn can be attributed to underwhelming results from Bitcoin and many other cryptocurrencies. To begin with, Bitcoin’s value has plummeted by approximately 8% in the last week and is now struggling to hold above the significant threshold of $55,000.
In simpler terms, over the last week, Bitcoin’s price fluctuations were quite volatile, with buyers not managing to take control. Despite their best efforts, they couldn’t push the price above $60K on September 3rd. However, sellers quickly stepped in and drove the price down to around $56K.
Attempts were made by buyers to regain ground above $58,000, yet these efforts proved fruitless. Currently, sellers dominate the market, trying to push prices below $55,000.
But that’s not even the most interesting bit.
Similar to BNB, Solana, and several other major crypto assets like TON, Cardano, Chainlink, and Aptos, Ethereum is experiencing a drop of about 8%. However, the situation is more severe for some others, with declines exceeding 12%.
It’s interesting to note that Bitcoin’s dominance, which measures its proportion compared to the whole market, has remained quite stable. In other words, Bitcoin and alternative cryptocurrencies have experienced roughly equal declines.
In other parts, the political landscape in the U.S. is becoming more dynamic. Most recently, Donald Trump announced plans to lower the corporate tax rate to 15% (from its current 21%) and establish a ‘commission for government efficiency’ led by the CEO of Tesla, Elon Musk.
Contrastingly, Kamala Harris garnered substantial backing from several influential business figures. Notably, Chris Larsen, a co-founder of Ripple, was among them, causing some surprise. Additionally, the list of signatories included CEOs from companies such as Yelp, Box, Snap, and others.
Regardless, the crypto market is becoming more active, though with a negative trend, and one fact remains clear: thrilling times lie ahead!
Market Data
Market Cap: $2.024T | 24H Vol: $91B | BTC Dominance: 53.4%
BTC: $54,723 (-8%) | ETH: $2,317 (-8.4%) | BNB: $496 (-8.7%)
This Week’s Crypto News You Can’t Miss
Donald Trump, a leading contender for the upcoming U.S. Presidency from the Republican Party, has expressed his desire to lower the corporate tax rate in the nation to 15% (from its current 21%). Additionally, he announced plans to establish a ‘Government Efficiency Commission,’ with Elon Musk serving as its head.
I, as an analyst, am highlighting that Chris Larsen, a co-founder of Ripple, is among the 88 business leaders who recently endorsed Vice President Kamala Harris for U.S. President in a support letter issued this week.
In a significant development this past week, Polygon underwent an update that initiates its shift from using the MATIC token to the new POL token. This dynamic token is now operational on the main network, and users may need to make the transition; however, there’s no specified deadline for doing so.
These Social Narratives Have Been Driving Crypto Markets Recently. Check out some of the more interesting social media narratives that have been causing waves in the cryptocurrency industry throughout the past few weeks.
The Bitcoin Core Foundation has introduced a new feature called liquid staking for Bitcoin, where users can receive a token representation of their BTC holdings while keeping their assets on the Bitcoin Layer 2 network (Liquid).
Data from a well-known analytics company indicates that the number of Bitcoin Runes inscriptions has exceeded 50 million within only about five months since their launch.
Charts
Here’s this week’s breakdown of Ethereum, Ripple, Cardano, Binance Coin, and Solana prices – follow the link to read the detailed analysis.
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2024-09-06 18:18