Bitcoin, Ether, Major Altcoins – Weekly Market Update August 30, 2021
The total crypto market cap lost $91 billion from its value for the last seven days and now stands at $2,069 billion. The top 10 coins showed mixed results for the same time period with Dogecoin (DOGE) losing 10.5 percent while Solana (SOL) added 38.3 percent to its value. Bitcoin (BTC) is currently trading at $47,919 while ether (ETH) is at $3,182.
Bitcoin closed the trading day on Sunday, August 22 at $49,300 after hitting a daily low of $48,000 during intraday. The coin added 4.6 percent to its valuation on a weekly basis, which made it a total of 5 consecutive weeks in green.
On Monday, the BTC/USDT pair registered a new three-month high by reaching $50,577. The momentum, however, was not strong enough and the move was almost fully retraced later in the session. Some analysts called a blow-off top pattern an indicator of a potential reversal. What is more, the RSI index continued to draw lower lows thus confirming the bearish divergence spotted a week or two ago.
The biggest cryptocurrency fell below the diagonal uptrend for the second time in the last seven days on Tuesday, August 24. The coin formed a solid red candle to $47,735 and erased 3.8 percent of its value.
The mid-week session on Wednesday brought some relief as bitcoin jumped back up to $48,990. The move did not look quite sustainable as both the volume and the money flow indicators were decreasing.
On Thursday, August 26 we witnessed a flash crash as the price was once again rejected in the zone above $49,000. BTC dropped down to $46,860 and erased more than 4 percent for the session. Still, it found stability at the meeting point of the 21 and 200-day EMAs and on Friday managed to build the exact same candle but in the opposite direction.
The weekend of August 28-29 started with a small red candle on Saturday, which was followed by a short breakout attempt by bulls on Sunday morning. Bitcoin was trading at $49,700, but then turned in red and dropped as low as $47,855 eventually closing at $48,810.
What we are seeing on Monday morning is BTC trading right below $48,000.
The Ethereum Project token ETH remained relatively flat in the zone around $3,230 on Sunday, August 22, and in general, was struggling to continue the rally that was started a few weeks ago. The biggest altcoin was trading in the $3,000 – $3,320 area since August 8.
On Monday, August 23 though, bulls were successful in pushing the price up to $3,374 and printing a new local high. The move was partially retracted later in the session.
The second day of the workweek came with a 4.7 percent pullback down to $3,160 as the majority of the leading indicators were already pointing towards a reversal, just like in the case of bitcoin.
On Wednesday, August 25, the ether fell down to $3,037 in the first part of the session, but found stability at the 21-day EMA and quickly rebounded, eventually closing in green.
The Thursday session was a bad one for the entire market and ETH was no exception. It fell down to $3,055 during intraday and found stability near the 21-day EMA after losing more than 4 percent of its market cap.
Then on the last workday of the week, it drew a bullish engulfing candle on the daily chart, which resulted in a 5.7 percent price increase.
Unfortunately, the weekend was not that good for buyers and on Saturday the coin was rejected at the $3,285 mark while on Sunday it extended its losses down to $3,221 after trading in the $3,285 – $3,155 range throughout the day.
The ETH is currently at $3,182 as of the time of writing this on Monday.
- Terra (LUNA)
A soon-to-be Top 10 coin, Luna is growing stronger with each day. Last week, the popular Defi projects that focus on utilizing fiat-pegged stablecoins to provide its users with maximum benefits, increased by yet another 20 percent. It moved up to #12 with $13.6 billion of total market cap completing its sixth consecutive week in green.
The coin is on its way up ever since it broke out of the U-shape consolidation pattern and its previous all-time high. It is 120 percent up since it surpassed the solid horizontal resistance around $16.
Next for LUNA will be to stabilize above the $27-30 area and prepare for further attach of the zone around $50. Such a move will increase its total cap by 50% and allow it to close the gap with the Top 10 coins.
Altcoin of the Week
Our Altcoin of the week is Tezos (XTZ). The well-known open-source blockchain platform for assets and applications that are designed to actually upgrade itself over time added the stunning 53 percent to its value for the last seven days.
The coin is now trading more than 180 percent higher compared to its July low of $2.08, which helped it climb to #34 on CoinGecko’s Top 100 list with a total market capitalization of approximately $5 billion.
The main reason behind the recent surge in the price of Tezos is the recently performed network upgrade called “Granada” that went live in early August introducing multiple improvements to the block time, gas fees, and consumption and protocol efficiency mechanism.
Additionally, the German Crypto Finance AG group and the Swiss business-to-business transaction bank InCore announced they will soon launch new digital products exclusively on the Tezos blockchain.
The XTZ/USDT pair peaked at $6.15 on Sunday, August 29 and as of the time of writing is trading at $5.06 on Binance.