Weekly Crypto Market Analysis: September 9 - 15, 2024
The cryptocurrency market changed throughout the week with double sided signals amidst key cryptocurrencies acting to macro-economic elements and changes in regulation. The detailed analysis below outlines market trends, price action, and key news influencing the market during this period.
Bitcoin (BTC)
Chart: BTC/USDT
Bitcoin started the week at around $58,000 and managed to find some resistance around $60,000 before correcting back to $58,662. The wild moves were mainly due to continuing fears of impending Securities and Exchange Commission regulations on major exchanges. Defying this, BTC continued above the $58,000 mark, which is resilience at its finest amidst pressures in the market.
Ethereum (ETH)
Chart: ETH/USDT
Ethereum traded within a range, between $2,300 and closed with minor losses at $2294. Sentiment remained cautious as investors retained a wait-and-see approach for any developments relating to the Ethereum 2.0 upgrade. *Full implementation of the Shanghai upgrade remains delayed, which continues to keep traders on edge and affects ETH price stability.
Solana (SOL)
Chart: SOL/USDT
Solana has also faced some downward pressure: starting the week at $132 and ending it at about $131.50. Slightly opposed, the network saw a slight decline after technical glitches disrupted transactions on the Solana network and hit user confidence. However, the price of SOL was stable, after which market confidence was reflected in its improvement in the long run.
XRP (XRP)
Chart: XRP/USDT
XRP has mostly fluctuated between $0.55 and $0.57 throughout the week, with minimal movements. The price changes differed given the ongoing court cases with the SEC that still 'mire' XRP's regulatory status. Despite that fact, XRP has been able to hold on to this range without significant downward corrections-a reflection of some investor optimism.
Cardano (ADA)
Chart: ADA/USDT
Cardano's price moved from $0.34 to $0.33 in a downtrend. *Following the announcement of delays in the next phase of Cardano's network upgrade, investor sentiment dampened. The market acted cautiously to wait for further developments regarding the timeline for the development of this project.
Dogecoin (DOGE)
Chart: DOGE/USDT
Dogecoin traded in the range of $0.10, largely due to the lack of significant price action. In fact, its community has stayed quite active due to news about new merchant adoptions, especially in the retail sector. The trend of retail adoption sustains the DOGE token's relevance in the overall crypto ecosystem.
Key Takeaways
1. Regulatory Pressures: Continuous regulatory scrutiny, in particular from the US, remains one of the strong constants of influence in the crypto market, weighing heavily upon market sentiment and sustaining volatility across major price assets.
2. Technological Upgrades and Delays: Delays in network upgrades and issues with technology cause setbacks, similar to what happened earlier with Ethereum and Solana, continue to dent trader confidence in market stability.
3. Community Engagement: Assets like Dogecoin continue to stay in the limelight through strong community involvement and continued merchant adoption, despite the lack of fundamentals when compared to other top assets.
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