Categories: Crypto Review

Wary Crypto Market

Market Picture

The crypto market rose 2.3% in 24 hours to reach a cap of $2.07 trillion, growing steadily throughout Monday. However, cautious Asian market dynamics on Tuesday morning have interrupted the recovery near levels seen late last week. This recovery has yet to improve sentiment, with the index remaining at 26 for the third consecutive day.

Bitcoin is trading just below $59K at the start of active trading in Europe, having reached $59.7K at the peak of the Asian session. Despite intraday fluctuations, the BTC exchange rate has closed in the $59.0-59.3K range for the past six days, reflecting the balance of power. The local initiative remains with the bears, as the price is below the 50- and 200-day moving averages, and close to the lower boundary of the descending channel.

Tron remains in a corrective phase, having fallen to $0.1525. In August, the price soared from $0.1160 to $0.1680, flying from the lower to the upper boundary of the ascending corridor since the beginning of 2023. The current correction is helping to ease overheating and attract new buyers, but a dip below $0.1430-0.1480 would set a more cautious tone.

News Background

According to CoinShares, crypto fund investments fell by $305 million last week after three weeks of inflows. Bitcoin investments fell by $319 million, Ethereum by $6 million and Solana by $8 million.

QCP Capital notes Ethereum’s significant decline in August compared to BTC, as well as the underperformance of spot ETFs in the US, and warns that the market’s decline could continue in September.

According to Santiment, the number of bitcoin wallets with a minimum of 100 BTC rose to 16,120, a 17-month high. Experts believe that increased wallet activity is a positive signal for the market. Bitgrow Lab notes that historically, significant whale purchases have often preceded new all-time highs in bitcoin.

According to BiTBO, bitcoin miners’ revenue fell to its lowest level in 11 months in August. The dynamics were affected by an increase in complexity and a decrease in the number of transactions.

The Cardano network successfully passed the Chang hardfork, marking the beginning of the Conway registry era and the ecosystem’s transition to decentralised governance. ADA token holders will be able to participate in a vote to determine the future of the network.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

GBPUSD Wave Analysis 14 November 2024

- GBPUSD reversed from strong support level 1.2665 - Likely to rise to resistance level…

4 hours ago

USDCAD Wave Analysis 14 November 2024

- USDCAD broke resistance level 1.3950 - Likely to rise to resistance level 1.4050 USDCAD…

4 hours ago

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

7 hours ago

Crypto: Tug-of-war at new altitude

Cryptocurrencies continued to surge, pushing the total cap to $3 trillion. Bitcoin has gained nearly…

7 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

This website uses cookies