Crypto Market Weekly Overview: Key Trends for BTC, ETH, SOL & More (Sep 16-22)
Bitcoin (BTC/USDT)
It was a pretty volatile performance this week, as Bitcoin reached around $64,000 before a minor pullback brought it back into the range of $63,200. This uptrend may be linked to recent reports of more institutional investment and an announced key partnership between a major financial powerhouse and a leading crypto platform.
BTC started the week strongly, first piercing the resistance around $62,000 and continuing upwards to near the $64,000 level. The rally was propelled by news of the approval for another Bitcoin ETF in the United States, boosting investors' confidence. A little later in the week, BTC met with some selling pressure, which could possibly have been due to profit-taking activities, and/or macroeconomic factors.
Ethereum (ETH/USDT)
Ethereum also followed suit, touching a high of $2,650 before slightly retreating to $2,644. Major catalysts driving its performance this week are the launch of several key DeFi projects and growing adoption on the Ethereum network.
The surge in the price of Ethereum coincides with the announcement of a major upgrade on the Ethereum network, promising to drastically cut the transaction fees while improving the scalability on the network. This is viewed as a plus for Ethereum's future and further cementing its position as the leading smart contract platform.
Solana (SOL/USDT)
Solana had a gradual increase in the week, reaching $145, from where it fell slightly to $143. The growth of Solana may be attributed to the number of projects and DApps increasing on its network.
It was further influenced by the much-hyped launch of a new DEX on the Solana blockchain. The overall feeling is still bullish because Solana is gaining more developers and users despite the minor pullback.
XRP (XRP/USDT)
XRP was resilient, holding onto its price at the $0.58 mark. Investors continue to focus on the legal battle between the company and the SEC.
In this case, it is explained that the current price stability for XRP is buoyed by speculation around a possible settlement in the ongoing lawsuit, which would allow XRP to reach mainstream adoption as an ostensibly fast and cheap remittance tool.
View the XRP/USDT Chart
Cardano (ADA/USDT)
Cardano experienced a slight correction, trading at about $0.35 toward the end of the week. The fact that the Alonzo upgrade has been finally concluded and further smart contracts releases on Cardano have kept investors' interest in the coin high.
However, the delay in launching the expected projects had the potential to make investors a little dissatisfied in the short term, pushing down the price just a little.
Dogecoin (DOGE/USDT)
DOGE was relatively stable at the $0.106 mark, not moving all over the market. This once again demonstrates that one of Dogecoin's biggest strengths is in the community-driven approach that it has towards its adoption.
The price move was highly influenced by tweets from Elon Musk and speculation about the integration of Dogecoin with a huge payment service, thus keeping the community engaged.
